The Global Forum of the OECD has rated Gibraltar ‘largely compliant’ for Transparency and Exchange of Information for Tax Purposes.
This classification recognises Gibraltar’s solid track record in international tax cooperation and compliance, placing it on par with leading global economies including the UK and Germany and giving international businesses added incentive to operate from the jurisdiction.
The Global Forum’s Phase 2 peer review report on Gibraltar examined 10 essential elements of the jurisdiction’s record in exchange of information. Gibraltar was rated ‘largely compliant’ in three areas and ‘compliant’ in the remaining seven. No elements were found to be non-compliant.
The rating comes at a time when Gibraltar is strengthening its wider culture of compliance and transparency and continuing to fight tax evasion and fraud. To this end, Chief Minister, the Hon Fabian Picardo QC, signed the Multilateral Competent Authority Agreement Automatic Exchange of Financial Account Information (MCAA), also known as Global FATCA, at the Federal Ministry of Finance in Berlin yesterday.
Gibraltar, along with approximately 57 countries, has committed to automatic exchange of information under the MCAA in 2017 and a further 31 countries have extended a similar commitment with an exchange trigger date of 2018.
Picardo says: “Today’s news underscores Gibraltar’s absolute commitment to a culture of compliance with international standards of transparency and reflects our continued emphasis on offering companies a stable environment in which to thrive. Gibraltar is a leader when it comes to compliance with modern standards of internationally established frameworks, in particular those within the European Union which is among the most rigorous in the world, making it the perfect home for international business."
