end of 2010 On 23 March 2006, the European Commission announced that it had formally requested Malta under EC Treaty state aid rules to abolish two offshore regimes, the Maltese Companies with Foreign Income and the International Trading Companies, by the end of 2010 at the latest. The background of the request is summarized below. Details of the offshore regimes (a)Maltese Companies with Foreign Income (CFI). Under the Maltese Income Tax Act of 1948 (Income Tax Act), a holding company resident in Malta with participations exclusively in foreign companies is generally liable to tax at the rate of 35% on...