Gibraltar Clears EC Probe Of Tax Regime
by Jason Gorringe, Tax-News.com, London
12 November 2013
The European Commission (EC) has received no "well-founded" allegations against Gibraltar regarding failure to cooperate on tax, financial and money-laundering matters, according to Commissioner for Internal Market and Services Michel Barnier.
The commissioner made the comment in a response to written questions from Gibraltar MEP Graham Watson. He pointed out that Gibraltar's legislation in the relevant areas is up to date.
The EC verdict is a blow to Spain, which made accusations that Gibraltar is a tax haven and a center for money-laundering. This led to the EC launching an investigation into Gibraltar's tax regime to determine whether a corporate tax exemption for passive income contravened European Union state aid rules by favoring certain companies, particularly "offshore" companies.
To see today's news, click here.
Tax-News Reviews
A review and forecast of Cyprus's international business, legal and investment climate.
A review and forecast of Malta's international business, legal and investment climate.
A review and forecast of Jersey's international business, legal and investment climate.
A review of the latest budget news and government financial statements from around the world.
Stay Updated
Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.
By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.
To manage your mailing list preferences, please click here »
Network Blogs and Features
- North America Presses On With Tax Reforms »
- Digital Take Center Stage... »
- Budgets Bypass Manifestos, Manifestly »
- Reforms Continue Apace... »
- LLC vs Corporation - All You Need to Know »
- A Mixed Bag of Swiss Rolls and VAT Selection Packs... »
- A Flurry Of Activity »
- Tinkering Behind The Scenes »
- Why choose Hong Kong for starting an Online Business? »
- Hong Kong International Focus »