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Gibraltar, South Africa Sign TIEA

by Jason Gorringe, Tax-News.com, London

06 February 2012


Gibraltar's Minister for Financial Services, Gilbert Licudi, has welcomed the signing of the territory's 20th tax information exchange agreement, with South Africa.

The agreement was signed in Pretoria by South Africa's Minister for Finance, Pravin Gordhan, and sent by courier for counter-signing by Licudi. The agreement is the second of late, following the signing a week earlier between Gibraltar and Malta. So far, a total of sixteen of Gibraltar's TIEAs have entered into force.

Welcoming the pact, Licudi said: “I am delighted to have signed this tax information exchange agreement. These agreements are fundamental to assist in widening the scope of business opportunities for Gibraltar-based financial services firms. The government in its manifesto said that it wanted to broaden Gibraltar’s business prospects to include more countries outside Europe.”

On behalf of the government of South Africa, Gordhan added: “South Africa welcomes the signing of the Tax Information Exchange Agreement with Gibraltar as these agreements provide jurisdictions with the legal basis for effective exchange of information, a vital function in the fight against tax evasion and unacceptable tax avoidance. South Africa looks forward to future cooperation and assistance between our jurisdictions in this global endeavour, which is already reflecting major progress towards more transparency in tax matters.”

TAGS: South Africa | compliance | tax | investment | business | tax information exchange agreement (TIEA) | tax compliance | Gibraltar | tax avoidance | law | banking | international financial centres (IFC) | offshore | agreements | offshore banking | services | Africa

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