Malta: Inland Revenue department issues FATCA guidelines

Abstract

On December 16, 2013 Malta and the US signed an agreement to improve international tax compliance and to implement the Foreign Account Tax Compliance Act (FATCA) provisions. The FATCA agreement was incorporated into Maltese law by virtue of Legal Notice 78 of 2014. The Maltese Inland Revenue Department recently issued guidelines for the implementation of the FATCA agreement and the FATCA regulations in Malta providing insight into what is expected of Malta financial institutions to comply with FATCA. The FATCA regulations provide that the FATCA agreement and the FATCA regulations are to be interpreted in accordance with the FATCA guidelines, unless it is clear that the context requires otherwise.