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Speculation Over Future Of Gibraltar's Finance Centre Continues

by Jason Gorringe, Tax-News.com, London

06 December 2002


With the jurisdiction's exempt company regime under threat from the European Commission, there have been several reports recently predicting a crisis in Gibraltar's finance centre.

However, it isn't all doom and gloom, according to a report from local news service, Iberia News. Writing this week, the news service revealed that the number of financial service providers expected to leave the Rock as a result of EC pressure is fairly small, and that any changes to the tax regime which take place in the next few years will almost certainly create jobs in the sector:

'The job creation is being linked to the possible reforms which could take place between now and 2005, when the tax exempt company status is expected to be abolished in Gibraltar following the EU Commission's latest demands on Gibraltar,' the news service revealed, explaining that:

'The reforms are set to bring about a new sector within the industry which will have to deal with the transformation of present accounts and client details to comply with any new system which is to be put in place.'

Iberia News continued: 'Reports emerging from the finance centre offer a new perspective on the future...and give further optimism that a crisis will not be reached which will see massive job cuts and exodus from Gibraltar.'


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