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Gibraltar expands network of agreements for exchange of tax information

Tuesday, February 25th 2014 - 07:22 UTC
Full article 20 comments
Chief Minister Picardo said Gibraltar in international relations 'has a culture of compliance' Chief Minister Picardo said Gibraltar in international relations 'has a culture of compliance'

Gibraltar lawmakers unanimously approved new legislation that will dramatically expand Gibraltar’s network of agreements for the exchange of tax information. The legislation implements OECD’s Convention on Mutual Administrative Assistance in Tax Matters in Gibraltar ahead of the March 1 deadline.

 The move is part of the Government of Gibraltar’s policy of ensuring Gibraltar is recognized as being at the forefront of the international clampdown on tax dodgers.

Gibraltar had already signed bilateral tax information exchange agreements [TIEAs] with 27 countries around the world, including major governments such as German and the US.

Prior to this latest development, the Rock had also implemented the European Union’s mutual assistance directive, which provides for the exchange of tax information between member states.

The new legislation implementing the OECD convention effectively creates TIEA-equivalent provisions with some 70 countries around the globe.

It provides a framework for governments to exchange information on taxes on income and profit with a view to combating tax evasion and money laundering.

“This Government has a very clear approach to everything that relates to Gibraltar’s international relationships…and that is a culture of compliance,” said Chief Minister Fabian Picardo during a debate in Parliament.

Opposition leader Daniel Feetham welcomed the legislation, even though the “intrusive” nature of the measures meant some operators in the finance centre might view them with skepticism.

“It builds on existing measures [and is part of] a clear international trend that cannot be avoided,” he said.

Categories: Politics, International.

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  • golfcronie

    Is Spain in this club? Is that why Barcelona FC just paid 13.5 million euros to the Government, do you think they got caught out?

    Feb 25th, 2014 - 09:13 am 0
  • JuanGabriel

    On the subject of football, I see Gibraltar drew spain in Euro 2016 qualifying but then UEFA changed the groups to avoid the issue.

    They still ended up with a nice group though, Germany, Eire, Scotland

    Feb 25th, 2014 - 10:32 am 0
  • LEPRecon

    And Gibraltar cuts more ground away from under Spains feet.

    They won't be able to use the old 'tax haven'/ 'dodgy dealings' excuse any more, will they?

    And in the meantime, Gibraltar goes from strength to strength, and the Spanish government continues to flounder under it's own inability to solve Spains actual problems.

    Feb 25th, 2014 - 11:00 am 0
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