Competent authorities of the United States and the Republic of Malta entered into an arrangement regarding the definition of the term “pension fund,” the IRS announced December 21. The Competent Authority Arrangement (CAA) was needed because U.S. citizens and residents are establishing personal retirement schemes in Malta under the Retirement Pensions Act of 2011 with no limitation based on earnings from employment or self-employment, and are making contributions to these schemes in forms other than cash (e.g., securities), and whether these personal retirement schemes are “pension funds” for purposes of applying the U.S.-Malta Treaty, the IRS noted. If the fund, ...
Learn more about a Bloomberg Law Subscription.
By Dean Aubrey Caratiquet As part of an intensified campaign against the spread of falsehoods that continue to undermine the integrity of the government and pose a threat to national security, PCO...