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BUSINESS ROUND UP
Chief Minister discusses Brexit with Minister for Europe TheChiefMinister,theHonFabian Picardo QC MP met with the Minister for Europe, the Rt Hon David Lidington MP, in a private session at Lancaster House, St. James’s,LondoninDecemberto discuss issues of interest to Gibraltar. Mr Lidington, who had earlier addressed a gathering of British
Overseas Territories leaders attending the Overseas Territories Joint Ministerial Council, warmly congratulated Mr Picardo on his landslide win at the November Gibraltar General Election.
The main issue discussed between the two ministers was the question of Brexit. Mr Picardo signalled HM Government of
Gibraltar’s support for Prime Minister, David Cameron’s efforts to achieve continued EU membership onthebasisofreforms. MrPicardo told the minister that the necessary legislative work by the Gibraltar Parliament to ensure readiness for the referendum on EU membership wasbeingcarriedout. Hereassured Mr Lidington that Gibraltar would not be the source of any delays.
Step up in tax disclosure
Financial and professional service advisers were warned at a December seminar organised by PwC, auditors and accountants on the workings and effect of international exchange of information by 51 countries, including Gibraltar from this year, that they as well as their clients can be subject to criminal or civil proceedings if they fail to alert the UK’s Inland Revenue (HMRC) to
the existence of undeclared earnings. More than 80 people attended
the event at the Sunborn Hotel in OceanVillage. NickWarrington, HMRC’s senior policy adviser in the Centre for Offshore Evasion Strategy, said that one of the biggest problems was in making people realisethattheyhadaproblem, particularly internationally mobile individuals and those with complex financial affairs.
There was now no place for facilitators of off-shore tax evasion to hide, he
said, and urged advisors to “do a thorough client health check” – on
individuals and businesses - but he noted “your client experience may suffer as a result of chasing the information required”.
Airlines update
The three major airlines serving Gibraltar have all made significant
additions for 2016. Monarch Airlines
has announced four newflightsfrom London Gatwick commencing on 1st May. Flights will operate on Mondays, Thursdays, Fridays and Sundays with a mix of early morning andafternoondepartures.
British Airways will offer an additional two services to its already existing nine weekly flights fromLondonHeathrow. The additional flights will commence on 1st May and will operate early morning on Mondays and Fridays.
easyJet has added a new route from
Manchester which will commence on 3rd July. The new year round service will operate twice a week on Wednesdays and Sundays and will add to the current easyJet London Gatwick and Bristol services to Gibraltar.
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Risk is inherent to business - without it there’d be no reward. But dealing with it effectively means taking action to make your business risk-resilient. Which, to us, means building strength and value into your business so that when the unexpected does happen, and at some time it surely will, you’ll be better prepared to weather the storm and come out fighting.
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For more information, call Joseph Caruana or Daniel Delgado on: Tel: +350 200 41200,
Fax: +350 200 41201, info@deloitte
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Merchant House, 22/24 John Mackintosh Square, P.O. Box 758, Gibraltar © 2016 Deloitte Limited. A member of Delloiitte Touche Tohmatsu Limited
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www.gibraltarinternational.com Gibraltar International 29