Gibraltar's proposed tax reforms got the green light from Europe recently when the EU's Council of Finance Ministers confirmed that they do not constitute harmful tax measures.
The government of Gibraltar has said that the EU's decision is highly significant, and a government spokesman affirmed that ECOFIN's judgement represented "a high level endorsement of its reforms" according to online daily Panorama.
Nevertheless, there is still one hurdle to overcome in the form of the European Commission who must make a ruling on the tax reforms according to the State Aid criteria.
Should the Commission approve the scheme by May of this year then the Gibraltar government says it could have the tax reforms in place by July 1 2003.
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