Gibraltar's online daily news service, Panorama, has reported that a team of private sector specialist lawyers has been appointed by the government to formulate new legislation to replace the existing laws governing tax-exempt companies.
The future of Gibraltar's offshore finance centre now hangs in the balance depending on the nature of the revised tax laws. Gibraltar's Chief Minister, Peter Caruana, has previously explained: 'The tax exempt company and the qualifying status company are pillars of the finance centre and therefore of our economy. The finance centre employs thousands of people directly and indirectly and is therefore of crucial importance to Gibraltar's economy.'
Panorama states: 'This would seem to indicate that the Government is accepting the inevitable, which is that the finance centre as we know it today has its days counted.'
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