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Gibraltar Welcomes Bulgarian Tax Haven List Removal

by Jason Gorringe, Lowtax.net, London
24 March, 2016

After intensive lobbying, Gibraltar has been removed from Bulgaria's "tax haven" list.

The announcement from the Gibraltar Government came after the European Commission updated member states' lists on its website. Gibraltar was removed from Bulgaria's list with effect from January 1, 2016.

As a result of a meeting in London with the Bulgarian Ambassador to the United Kingdom, Gibraltar initiated contact with the Bulgarian Ministry of Finance, which ultimately prepared an amendment to Bulgaria's corporate income tax legislation. Amendments were also made to Bulgaria's Offshore Companies Law to explicitly exclude Gibraltar from its scope.

Gibraltar was strongly supported in this matter by the Foreign & Commonwealth Office in London and the British Embassy in Sofia, the Government said.

Peter Isola, the Minister for Finance Services and Gaming, said: "I am delighted with this result following our recent successes with Canada, Estonia, Italy, Latvia, and Poland … We will continue to press the remaining very small number of EU member states to delist Gibraltar as soon as possible given that we have exchange of information mechanisms for tax purposes, to the OECD standard, with all EU member states as well as a further fifty countries around the world."

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