The UK's HM Revenue and Customs (HMRC) announced on August 27 that a new Tax Information Exchange Agrement (TIEA) with Gibraltar has been signed by representatives of each government.
The agreement was initialed in London on August 24 by Lord Myners, Financial Services Secretary to the UK Treasury and in Gibraltar on August 27 by Peter Caruana, Chief Minister of the government of Gibraltar.
According to an announcement by HMRC, the new TIEA with Gibraltar will enable the two governments to exchange information to OECD and international tax standards “to ensure that the right amount of tax is paid in each country in the future”.
Gibraltar has also signed TIEAs with the USA, Ireland, Germany, New Zealand and Australia.
According paragraph 1 of the agreement, taxes covered include “taxes of every kind and description” imposed in either jurisdiction.
“This Agreement shall also apply to any identical or substantially similar taxes imposed by either Party after the date of signature of this Agreement in addition to, or in place of, any of the taxes listed in paragraph 1 of this Article,” the text of the TIEA states.
The text will shortly be laid as a Schedule to a draft Order in Council for consideration by the House of Commons in the UK.
The agreement will come into effect as soon as each government has completed the necessary procedures to give effect to it under its domestic laws.
A comprehensive report in our Intelligence Report series, examining in depth the situation of offshore transparency and secrecy in a number of the most prominent jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report2.asp
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