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Gibraltar, Spain Tax Agreement Progressing

by Jason Gorringe,, London

13 April 2011

Gibraltar Chief Minister, Peter Caruana has announced that negotiations towards a bilateral tax information exchange with Spain are ‘very advanced’.

Speaking on the TV3 television network broadcast in Spain, Caruana said that talks on the issue of sharing tax information between the Rock and Spain were progressing well, despite years of fractious relations. The initiation of talks were as a result of Gibraltar’s commitment to adopt greater tax transparency, through the signing of Tax Information Exchange Agreements, of which the territory has signed 20.

On boosting cooperation, particularly in the area of tax, Caruana said on TV3: "[The Tax Information Exchange Agreement] is one of the packages we are negotiating currently; the talks are going well; and the texts are very advanced.”

Caruana underscored that Gibraltar had remodelled itself since 2010 to a transparent financial centre with an attractive 10% corporate tax rate, and dismissed accusations that Gibraltar was home to illegitimate funds, held in the territory for the purposes of tax evasion.

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TAGS: individuals | tax | investment | business | offshore confidentiality | tax information exchange agreement (TIEA) | Gibraltar | law | banking | international financial centres (IFC) | United Kingdom | offshore | agreements | offshore banking | banking secrecy | Spain

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