Gibraltar Falls Into Line With OECD

Tax-News.com, London

01 March 2002

On the very day of the OECD's 'unfair tax competition' deadline, the Gibraltar government announced that it had submitted to the international organisation's demands. Said the announcement:

'Following many months of discussions between the Gibraltar Government and the OECD, the Gibraltar Government yesterday submitted a letter to the OECD committing to implement the principles of exchange of information and transparency contained in its Report on Harmful tax practices.

'The Gibraltar Government had already stated publicly many months ago that it would make the commitments to ensure that Gibraltar remained at the forefront of mainstream, well regulated international finance centres of the highest repute.

'The letter of commitment follows the OECD’s own recognition of the importance of a global level playing field and of a role for all jurisdictions in developing international standards to ensure the fairness and success of its own objectives to eliminate harmful tax practices.

'Commenting on this long expected development, Chief Minster, Peter Caruana said:-

“Many of the objectives of the OECD Report are already reflected in Gibraltar’s laws and administrative practices. Gibraltar supports the raising of standards and elimination of harmful practices in all finance centres across the world. It is essential that there should be a global level playing field, that is, uniformity of application, if the objectives that we all desire are to be achieved. The OECD report represents a new international standard to which all finance centres that wish to be mainstream and internationally reputable must subscribe.”

Recommended