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Gibraltar Moves To Increase Tax Compliance

by Jason Gorringe, Lowtax.net, London
28 November, 2013

Gibraltar signed an Intergovernmental Agreement (IGA) with the United Kingdom on November 21, 2013 to improve international tax compliance (FATCA).

The British Overseas Territory's Minister for Financial Services, Albert Isola, signed the agreement at the annual meeting of the Organization for Economic Co-operation and Development's (OECD) Global Forum on Transparency and Exchange of Information for Tax Purposes, which this year took place in Jakarta, Indonesia.

The IGA will come into effect when the two jurisdictions inform each other that they have completed the necessary internal procedures.

Separately, before the IGA was signed, Gibraltar's government solicited feedback from the domestic industry and a Working Group set up to consider FATCA and its impact on the financial services sector.

Mr Isola said: "In particular, we should keep in mind our shared objective of the promotion of a single global standard for the automatic exchange of information, which the international community considers to be the most effective way to tackle tax evasion while minimizing costs for governments and business."

The signing of the IGA coincided with an announcement from the OECD that the UK had deposited declarations extending the territorial scope of the OECD and Council of Europe Convention on Mutual Administrative Assistance in Tax Matters to cover Gibraltar. The Chief Minister of Gibraltar wrote to UK Prime Minister David Cameron in June of this year to request that the convention be extended to his jurisdiction. Inclusion in the convention significantly expands Gibraltar's network of information exchange agreements.

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