News
Gibraltar completes tax regime overhaul | 2010 06 23
Gibraltar makes moves to lift "tax haven" tag which includes ending distinction between onshore and offshore business.
The Gibraltar government has published a revamped Income Tax Act ending all distinction between “onshore” and “offshore” business in efforts to evolve from "tax haven" to "mainstream European financial services centre."
The new act lays the foundations for the reduction of company tax in Gibraltar from 22% to 10% as from 1 January 2011, to coincide with the definitive abolition of the historical tax-exempt company regime, the Gibraltar government said today.
"This legislation ends all distinction between 'onshore' and 'offshore' business," the government added.
Gibraltar has now signed 18 tax information exchange agreements with other jurisdictions and has others in the pipeline.
The offshore centre's full integration in the EU and compliance with EU financial services regulation, money laundering and co-operation rules, alongside the new Tax Act completes Gibraltar’s 14-year transition from tax haven to mainstream European financial services centre, the government added.
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