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Gibraltar and UK open tax negotiations
In July it was announced that the Government of Gibraltar and the UK Treasury had opened negotiations to enter into a Double Tax Agreement, where it was anticipated that with hard work on both sides a final agreement could be signed within months.
Once concluded, the agreement will bolster Gibraltar’s reputation as a robust and reputable financial centre. Importantly, the deal will also position Gibraltar’s offering on an equal footing with competing jurisdictions that currently enjoy the benefit of a double tax agreement with the UK.
Chief Minister, Fabian Picardo, commented: “I am delighted to be able to welcome Robert Jenrick, the Exchequer Secretary to Her Majesty’s Treasury to Gibraltar on this important occasion.
Robert has long been a friend of Gibraltar, attending our Gibraltar Day in London events and it is a pleasure to see him on the Rock. Bilateral double- taxation agreements remove barriers to international trade & investment and provide a clear and fair framework for taxing businesses that trade between us. By entering into such agreements they benefit business and the economies of the jurisdictions concerned”.
Robert Jenrick commented: “Gibraltar has a special place within the UK family. That’s why I’ve come here
today, to start discussions on a bespoke tax agreement between us to promote trade and investment, and help tackle tax avoidance.”
Ramparts and Ince launch logo
London based law firm, Ince Gordon Dadds, who acquired the Gibraltar based law firm, Ramparts in April this year, officially launched the Ince logo at the five star Sunborn Hotel in July.
The celebration of the merging of the two companies was hosted by Ramparts Managing Director, Peter Howitt and Ince CEO, Adrian Biles. Chief Minister, Fabian Picardo, unveiled the logo to over 100 invited guests.
Peter Howitt addressed the guests and commented: “One of my main roles will be to sell Gibraltar as a jurisdiction to the wider Ince group internationally and tell them why their clients should invest in Gibraltar, as a safe and secure jurisdiction and in the current climate that is a key message.”
Ramparts was established in 2012 by Peter Howitt, and specialises in eGaming, FinTech, Distributed Ledger Technology (DLT) and Cryptocurrencies.
6 Gibraltar International www.gibraltarinternational.com
News
Preparations for a No Deal Brexit
The European Commission (EC) has published a call to Member States to ensure that all necessary preparedness and contingency measures are in place in the event of a no deal Brexit. The Commission has said that it does not plan any new measures before the latest withdrawal date of 31st October.
The UK and Gibraltar were involved in intense preparations for a no deal Brexit at the end of March and subsequently on the 12th April. These plans were scaled back following the extension until the end of October, that was agreed between the UK and EU.
Ursula von der Leyen, who was elected the new EC President in mid July, said she would be prepared to extend the 31st October Brexit withdrawal date.
DLT and Virtual Assets
Samantha Barrass, CEO of the Gibraltar Financial Services Commission, delivered a keynote speech at the Barcelona Trading Summit Conference in July.
The speech focused on the value of good regulation in protecting the market, investors, and consumers. She also outlined the important work of international organisations in Distributed Ledger Technology (DLT) regulation, and the
implementation of Gibraltar’s DLT regulatory framework.
Samantha explained that it is important for regulators to keep up with market developments in order to ensure that the regulatory perimeter adequately covers new financial innovations and went on to say: “most regulators are extremely interested in the role that virtual assets regulation can play in supporting the safe development of businesses that have the potential to provide enormous benefits to the economy and consumers”.