Dutch Lawmakers Examine Proposed Curacao-Malta Tax Treaty
A new tax treaty between Curacao and Malta is currently under examination by Dutch lawmakers.
Dutch lawmakers discuss potential Curacao-Malta tax treaty.
LISTEN TO THIS ARTICLE:The primary goal of this treaty is to enhance trade opportunities between the two regions, specifically aiming to benefit iGaming operators by addressing financial crimes and preventing double taxation.
This could provide a significant boost to the industry, fostering a more secure and efficient business environment. Despite these potential advantages, the proposal has ignited a lively debate among Dutch lawmakers. Members of the Finance Committee, representing parties like GroenLinks-PvdA, VVD, and NSC, convened earlier this week to discuss the implications and potential impacts of the treaty.
Worries over Damage to iGaming Industry
One major concern is the treaty’s potential impact on the online gambling sector. Both Curacao and Malta have well-established gambling industries and lawmakers want a better understanding of how the treaty will affect the industry.
Wopke Hoekstra, the Dutch Minister of Foreign Affairs, addressed these concerns during the discussion.
The gambling industry, within Curacao’s legal framework, benefits like any other economic activity from the reduction of economic barriers. Investments in this sector will also have long-term fiscal certainty regarding the distribution of tax authorities between Curaçao and Malta, facilitating investment planning.
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The Importance of the Gambling Industry in Malta and Curacao
Hoekstra emphasized the importance of Malta’s gambling sector, highlighting its substantial impact on the country's economy. He cited 2022 data showing that there were 350 registered gambling companies operating in Malta. This vibrant sector contributed significantly to the economy, with the gross added value of the gambling industry accounting for 9.6% of Malta’s GDP in 2022. This underscores the sector’s critical role in the economic landscape of Malta.
Furthermore, Hoekstra highlighted the significance of the gambling sector in Curacao. As of the end of last year, Curacao had 1,807 gaming and lottery companies registered. This demonstrates a robust and extensive gambling industry within the region. However, despite the high number of registered companies, Hoekstra pointed out that the gross added value of the gambling sector in Curacao remains unknown. This lack of precise economic data poses challenges in fully understanding and leveraging the sector's impact on Curacao’s economy.
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