Decision On Transitional Regime For Gibraltar Exempt Companies Expected Early Next Year
A decision by the European Commission on the transitional arrangements for exempt
companies in Gibraltar, which apply while the European Court decides on alternative tax proposals,
will not be made until early in 2005.
Sources within the EU confirmed to the Gibraltar Chronicle that there will
be no announcement made on the issue this week following a meeting of Commissioners
in Strasbourg, as the item was not on their agenda. Earlier in the year, the European Commission decided that Gibraltar effectively
constituted part of the UK and therefore new tax measures introduced as part
of the jurisdiction’s offshore regime must be dismantled. The new measures abolish the 35% corporate tax rate, replacing it with a payroll
tax and a business property occupation tax - both capped at 15% of profit. The Gibraltar government is attempting to contest the decision in the European
Court of Justice. A comprehensive report in our Intelligence Report series giving background tax and residence information on many of the key offshore jurisdictions is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report4.asp
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