In a confidential document obtained by the Gibraltar Chronicle, it is claimed that Finance Centre Director James Tipping has told 200 locally-based firms that the European Commission may force the Gibraltar government to abolish the Qualifying Company tax regime.
According to the letter, Mr Tipping says the government may have no choice but to legislate this year and asks the companies whether they will be willing to relinquish their Qualifying Status Certificate “and submit to the normal corporation tax regime.”
If this report is true it is perplexing, since it had been understood that qualifying companies were anticipating a minimum two year extension on their activities under the moratorium extracted from Brussels by leader Michael Caruana while Gibraltar's case against the EC is heard by the ECJ.
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