The Gibraltar Finance Centre Council (“GFCC”) welcomes this positive development for Gibraltar. We have been calling for a Double Tax Agreement (“DTA”) with the UK for quite some time and we are delighted that this will now materialise.
Theimportance to the finance centre of having a DTA with the UK cannot be underestimated. This will enhance and consolidate our international standing as a serious,reputable and transparent jurisdiction in which to do business. It will also place us on a solid footing to seek further DTAs with other jurisdictions. As an international finance centre, it is crucialfor Gibraltar to develop our DTA network as much as possible.
The practical effect of the UK DTA will be to facilitate and encourage business between Gibraltar and the UK. It will provide certainty to persons working, and companies doing business, in each other’s jurisdictions in that they will not be taxed twice. It protects UK and Gibraltartaxpayers against double taxation which will support the flow of international trade and investment between our jurisdictions. The DTA can only serve to help develop the financial services industry in Gibraltar and support our economy.
The GFCC believes that in a post Brexit world where transparency and exchange of tax information is paramount, building a comprehensive network of DTAs is essential. We strongly encourage and support Her Majesty’s Government of Gibraltar in progressing this agenda expeditiously and are ready to assist in any way we can. We are very grateful for the continued cooperation and engagement of the Chief Minister and the Minister for Commerce and in understanding our needs.
The GFCC represents Gibraltar’s financial services industry. All of our financial services industry associations are members of the GFCC whose objects are to promote the economic interests of Gibraltar by developing the finance centre. The Council meets regularly with the Minister for Commerce and Government officials and has an important role in shaping finance centre policy andlegislation.