Gibraltar’s Chief Minster Peter Caruana, has depicted opposition plans to introduce a zero-rate of corporate tax as unwise in the light of the European Commission’s principle of ‘Regional Selectivity’.
Caruana described the proposals contained in the GSLP/Liberal manifesto relating to the Finance Centre as “rash” for not taking into account this principle, which could result in Gibraltar becoming an independent financial jurisdiction to that of the UK.
The Chief Minster was responding to questions from opposition members on the government’s intention to introduce a new business tax regime in July this year. Caruana explained that the government intends to forge ahead with the tax reforms, although their implementation is still dependent on EU approval of the measures.
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