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2009 Will Bring Prosperity To Gibraltar, Says Chief Minister,
by Jason Gorringe, Tax-News.com, London
Tuesday, January 13, 2009
In his New Year Address, Gibraltar’s Chief Minister Peter Caruana welcomed 2009 as a year for change in Gibraltar, and he voiced excitement at the prospect that the jurisdiction can finally implement long-awaited corporate tax reforms following the conclusion of the European Union State Aid Case.
Reflecting on the outcome of the State Aid case, which allowed Gibraltar fiscal
autonomy over the UK, Caruana said, “2008 has seen Gibraltar, once again
successfully come through some important threats and challenges. The biggest
of these by far has been the European Union’s challenge to our right and
ability as a country to have our own tax system separate from, and different
to the United Kingdom’s tax system. This has been at the very core of
our ability as a people, during the last 50 years, to create a successful economy
that in turn has enabled us to prosper socially and, most importantly, politically
in the face of external challenges to our political rights, wishes and aspirations
as a people. Failure to win would have very severely undermined and disrupted
all of these things. This threat, and the success in winning over it, therefore
ranks up there with the recent threat to our sovereignty and political rights
as a people.”
”So, we can now look forward with confidence to a continuing bright and
prosperous future. The government’s success in winning the case in the
European Court enables us to continue to prosper, to enjoy the high standard
of living and of public services and amenities that we enjoy, and most importantly,
to bequeath our children, grandchildren and future generations a successful
and prosperous Gibraltar in which they too will be able to flourish. In short,
we are able to remain masters of our own destiny and architects and builders
of our own economic, social and political prospects.”
“The turmoil in the world financial system will inevitably and necessarily
bring big changes in its wake. The global banking and financial services industry
will never be the same again. Here too, our work and policy during the last 12
years to reposition our finance centre away from simple and volatile tax haven
business into a finance centre of excellence, high reputation, high standards
of regulation and the mainstream of European and international financial services
will now pay Gibraltar even higher dividend than it already has. Our finance
centre, which is at the very core of Gibraltar’s economic success, is
accordingly, very well placed to benefit from the changes that will come to
the global finance industry, to continue to develop, grow and prosper and to
provide quality jobs for us and our children, now and in the future.”
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