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| Gibraltar Ready To Conclude Spanish TIEA |
by Amanda Banks, Tax-News.com, London
Monday, May 10, 2010
Gibraltar’s Chief Minister, Peter Caruana has underlined the
territory’s willingness to enter into a Tax Information Exchange
Agreement with Spain as soon as possible.
The announcement follows the conclusion of year-long negotiations on
a trilateral agreement with Madrid, mediated by the UK. While it is thought that small
textual alterations are still required to the TIEA, Caruana, in
recent comments, stated that "the text has been agreed, and as far
as we are concerned it could be signed tomorrow. We don’t want to be seen
as a threat to Spain’s public treasury."
The beginning of talks signaled a change in stance by the Spanish
government towards bridging a long-standing feud between Spain and the
UK; Gibraltar’s autonomy from Spain has long been a bone of contention
between the Spanish and British governments.
Gibraltar has already concluded a total of eighteen TIEAs,
classifying it as a territory that has substantially implemented the
internationally agreed standard in transparency and information
exchange.
While the Spanish authorities have said that the agreement will
facilitate efforts towards reducing tax evasion, the TIEA is not expected to
deter companies from registering in Gibraltar. Indeed,
Gibraltar’s new 10% corporate tax regime, to come into force at the end
of 2010, compares very favourably with Spain's 30% corporate tax rate.
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