US and Malta agree joint crackdown on pension plan abuse

clock • 2 min read
US and Malta agree joint crackdown on pension plan abuse

The US and Malta have signed an agreement confirming their understanding of the meaning of pension fund under the United States-Malta income tax treaty, in a statement by the US Internal Revenue Service. This came to light after both authorities found that US taxpayers with no connection to Malta were misconstruing the pension provisions of the Treaty to avoid income tax on the earnings of, and distributions from, personal retirement schemes established in Malta. The agreement confirmed...

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