Vaz told to defend Gibraltar's record
Europe Minister Keith Vaz has come under attack for failing to defend Gibraltar against Spanish claims that it ignoring European Union directives on money laundering and tax havens.
Europe Minister Keith Vaz has come under attack for failing to defend Gibraltar against Spanish claims that it ignoring European Union directives on money laundering and tax havens.
The House of Commons Foreign Affairs Committee said Vaz and the Foreign Office were not doing enough to refute attacks on the colony.
Gibraltar was criticised in a speech made by Spanish foreign minister Sr Josep Pique. He said the British colony was ‘a parasitic economy’ living off Spain.
He added: ‘If its financial centre has blossomed, and there are more than 80,000 companies registered, that is thanks to the permissiveness and opaqueness of its financial and company system.’
‘They [Gibraltar] have not transposed the main Community [EU] directives in this field.’
But in the face of Spanish criticism, the government had not been ‘sufficiently robust’, the Foreign Affairs Committee said in a report.
And one MP went as far as to say that the Foreign Office’s attitude had given credence to the Spanish claims.
The committee demanded in future the Foreign Office ‘should have a firm policy of publicly rebutting factually inaccurate statements and unproved allegations made publicly by Spanish Ministers about Gibraltar’.
Links
OECD names and shames 35 tax havens
The numbers you crunch tell a story. Your expertis...
23yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleHMRC sees the profit or loss made on buying and selling of exchange tokens as within the charge to Capital Gains Tax (CGT). Read More...
View articleThe recent IR35 case involving former Liverpool footballer and Sky Sports presenter, Phil Thompson, has drawn attention to the complexities and implic...
View articleFrom January 1, 2024, HMRC will implement new tax rules affecting individuals who sell items on platforms like Etsy, Depop, and Vinted. The new regula...
View articleHMRC reveal a small majority of people are soldiering a significant proportion of income and capital gains tax, following FOI request. Data has reigni...
View articleSteven Pinhey, technical officer at the Association of Taxation Technicians (ATT), considers how the rules on deductible expenses work in a social med...
View articleATT technical officer, David Wright, considers the implications of HMRC’s decision to remove employees with income between £100,000 and £150,000 from ...
View articleThis was the fourth largest borrowing year since records began in 1993 Read More...
View articleATT technical officer, David Wright, provides an overview of the welcome relaxation to CGT provisions for separating couples looking to transfer asset...
View article