Thursday, 11 October 2012

European Commission questions Gibraltar's Income Tax Act

EC HQ Brussels
Seeking to assess need for formal investigation
GIBRALTAR The European Commission received a State Aid Complaint from the Spanish Government regarding Gibraltar's 2010 Income Tax Act on July 2, something Chief Minister Fabian Picardo called an 'attack' by Spain against the Rock. Now the EC has asked questions about the law in an effort to ascertain whether formal proceedings should take place in the matter. The subject has often been broached by Spain, lately by the Minister of Foreign Affairs and Cooparation, José Manuel García-Margallo, whoYOU WILL SOON BE UNABLETO READ THE REST OF ARTICLES SUCH AS THIS WITHOUT A SUBSCRIPTIONreiterated that his government would pursue tax evasion everywhere. In a statement last September García-Margallo said that Spain would apply EU legislation to persecute all cases of tax evasion in tax havens. It was a clear reference to Gibraltar, which has long been considered one despite the implementation of legislation by the governments of both Fabian Picardo and Peter Caruana for a number of years. The latest tax information agreement signed was just a week ago, with Italy, making a total of 21 such 'transparency' agreements. In a statement, Picardo confirmed that Gibraltar has the full support of the British Government in this matter.

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