CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. House Of Lords Expresses Concern Over Sovereignty And Tax In Gibraltar

House Of Lords Expresses Concern Over Sovereignty And Tax In Gibraltar

by Jason Gorringe, Tax-News.com, London

14 December 2001


In a recent House of Lords debate, several members expressed concerns over the effect of current EU and OECD tax initiatives on the offshore financial centre of Gibraltar, and raised doubts as to the legitimacy of certain Spanish actions with regard to the territory.

When questioned as to the potential repercussions for the economy of the Rock, should changes be required to the workings of the offshore sector, the Minister for Trade, Baroness Symons, was reassuring, stating: 'We believe that Gibraltar's finance sector can continue to flourish within the framework of those [EU and OECD] initiatives and we are in consultation with the Government of Gibraltar on those issues.'

When questioned over the obstacles placed in the jurisdiction's path to progress in terms of telecommunications by the Spanish government, Baroness Symons reassured the House that the UK government was fully aware of the concerns of Gibraltarian businesses, and that the matter was under discussion with the Spanish government.

She pointed to the UK's defense of Gibraltar's money laundering record and its intervention during the altercation between Spain and the OECD over the territory's status as occasions when Britain had successfully intervened on the Rock's behalf, and stressed the UK's continuing support. But her anodyne statement won't cut much ice in Gibraltar, which is up in arms against the UK Government's perceived failure to defend the Rock's interests in Europe.


To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



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 »