TaxCorporate TaxMonti clamps down on Gibraltar

Monti clamps down on Gibraltar

Gibraltar looks set to lose its tax haven status today as EU competition commissioner, Mario Monti, asks it to phase out its Exempt Company regime by 2005, reports the Associated Press.

Link: Gibraltar expects EU nod on tax changes

The current regime allows foreign companies based in Gibraltar, but which do business outside its borders, to pay a low flat fee rather than the 35% tax rate for resident companies.

‘This is a selective tax relief that benefits only few companies. As such it violates EU state aid rules,’ Tilman Lueder, spokesman for the European Union’s head office, told AP.

Iberia News reports that the news has not yet been fully confirmed with the government of Gibraltar.

Related Articles

Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

Corporate Tax Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

1w Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

1w Emma Rawson, ATT Technical Officer
EU divided over radical tax reforms targeting tech giants

Corporate Tax EU divided over radical tax reforms targeting tech giants

2w Alia Shoaib, Reporter
‘Google tax’ nets HMRC £281m

Corporate Tax ‘Google tax’ nets HMRC £281m

1m Emma Smith, Managing Editor
Should I incorporate my buy-to-let business?

Corporate Tax Should I incorporate my buy-to-let business?

2m Emma Rawson
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

3w Austin Clark, Reporter
How to educate your clients about tax avoidance

Corporate Tax How to educate your clients about tax avoidance

3w Clear Books | Sponsored
CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

Corporate Tax CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

3w Austin Clark, Reporter