BTW Ltd was formed in May 2004 and started operations as a Public Tax Warehouse in February 2005 after an agreement was reached between Malta Customs and BTW Ltd wherein BTW Ltd undertook inter alia to operate within the parameters of the EU Directive 92/12  EEC, Regulation 2719/92/EEC and the Excise Duty Act – Chapter 382 of the laws of Malta. Within the EU, BTW is registered as an Excise Tax Warehouse and is responsible for the movement of Excise Goods within the EU Community and third countries as well. BTW Ltd took over stocks from Customs on 1st February 2005 and is managing the bonds on the same principles previously adopted by Customs.  Excise Traders, about 30 in all, regularly warehouse their goods, that is Wines, Spirits and Tobacco but are not obliged to pay any taxes until goods are released from bond for home use, in part or in full. Traders would pay taxes only on the quantity of excise goods being released for home use. Since excise goods are highly taxable, this arrangement would help Traders’ cash flow.