This story is reproduced by kind permission of Iberia News at: http://www.iberianews.com
The Chief Minister has this week advocated prudence on tax restructuring as he points out that both the Finance centre and Government are working towards a solution.
Speaking to the local media, Peter Caruana, the Chief Minister has said that it would not be prudent to extend exempt status to all companies in Gibraltar stating that, " even if the amount of money we took from companies was the same as our budget surplus, so that we could theoretically let it go altogether, it would not be prudent to do so."
This he says could lead to a dependence on revenue from tobacco which could be taken away at anytime. Caruana pointed out that the government was seeking different ways of taxing companies, and indicated that an announcement would be made soon.
The government held meetings with the business sector on Wednesday with an announcement expected by the sector within the next two weeks.
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