Gibraltar Government Consults Industry On Tax Changes

Panorama

20 April 2001

This story is reproduced by kind permission of Panorama at: http://www.panorama.gi

The Gibraltar Government has published the long awaited position paper in relation to the OECD and other tax initiatives which are facing Gibraltar.

The 57 page document sets out how the Government sees the perceived threat to the finance centre posed by these international moves. The closing date for those interested to make representations is 10 May. The OECD has set a July deadline beyond which those territories which remain on its list face the possibility of sanctions.

In a forward to the document, the Chief Minister Peter Caruana says that it “explains, in some detail, the substantive content of all these international initiatives, their specific implications for Gibraltar’s finance centre, and the things that we would have to do differently in order to comply.”

Mr. Caruana adds that Gibraltar has no choice but to comply with the OECD tax initiatives as the alternative course “does not offer a viable and durable future to Gibraltar as a prosperous, successful international finance centre.” The document, however, does not explain how the Government intends to go about it as this is not deemed necessary at this stage.

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