Malta has joined 50 states in signing a multilateral agreement on automatic exchange of tax information in Berlin.

The signatory states have committed to sharing information about the financial accounts of taxpayers who are residents for tax purposes in a different country.  This allows Maltese authorizes to have greater power and tools to obtain information on declared assets abroad, in order to address tax evasion.

Financial institutions are now required to take stock of their existing accounts as of 31 December 2015 and determine new customers’ residence for tax purposes starting on 1 January 2016. The first automatic exchanges of information will take place in September 2017.

This standard has been developed in cooperation with the Organisation for Economic Co-operation and Development (OECD) and is being supported by more than 100 states and jurisdictions.