During his visit to Brussels last week the Chief Minister of Gibraltar, Peter Caruana managed to conclude an agreement with EU officials allowing the jurisdiction’s exempt company regime to continue whilst the European Court of Justice considers the fate of proposed tax reforms.
According to the Gibraltar Chronicle, a government spokesman confirmed that an agreement had been reached with the Director General for Competition “on terms upon which the Exempt Company regime would continue to operate during the period required for the European Courts to rule on the tax reform, material and regional selectivity, legislation".
The spokesman added that the agreement is currently going through the Commission’s internal approval procedure, and that DG Taxud, the office responsible for tax policy, has not yet given its consent.
A final decision is anticipated in September.
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