Overview: Peter Caruana rocks the boat

July 2nd, 2009

Prospects: will Gibraltar’s tax changes affect its reputation?

Accountancy Age

In a bid to remove Gibraltar’s ‘tax haven’ image, Peter Caruana, chief minister of Gibraltar, recently announced the introduction of a corporate tax rate of 10% for both international and domestic companies within Gibraltar. But how will the attitudes of many businesses in Gibraltar change as a result of a prospective tax hike?

What’s happened?

Caruana is aiming to remove Gibraltar from the OECD’s ‘grey list’ of countries considered unsavoury on tax matters and on to the ‘white list’ of fiscal good guys. This will be a difficult task indeed considering Gibraltar, like many other jurisdictions, has generally been held in low esteem for tax reasons by the OECD.

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