Gibraltar has been placed on the OECD’s white list of territories that have substantially implemented the internationally agreed standard, having signed 13 tax information exchange agreements (TIEAs), the latest being with Finland, Greenland and Faroe Islands on October 20.
Territories that were placed on the OECD "gray list" when it was formed on April 2 are required to conclude 12 TIEAs in order to be deemed fully compliant with the internationally agreed standard on transparency and information exchange.
In a statement, the Gibraltar government said that the territory is "well-placed" not only having concluded the required number of agreements, but also that the territory concluded agreements with important countries within the OECD. The government noted that at its most recent meeting, the G20 gave notice that it was not just a matter of signing 12 agreements, but also of who they were signed with, urging territories not to enter into agreements solely with less economically relevant countries in order to quickly fulfill the quota.
“For Gibraltar this is not a ‘numbers game'. We are committed to the underlying principles of the commitments that we gave. Therefore, in addition to these 13 signed agreements, we have already negotiated and initialed several more, which will be signed when the other countries complete their internal constitutional procedures for doing so. Our offer to sign a TIEA with whatever country wants to sign one with us remains open,” the government stated.
The government will shortly be publishing a bill to enact any agreements that are not yet in force. This bill is expected to be law by end-2009. The government plans to post the text of the agreements on its website as they become operative.
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