The Gibraltar government has published a revamped Income Tax Act ending all
distinction between “onshore” and “offshore” business in efforts to evolve from
“tax haven” to “mainstream European financial services centre.”
The new act lays the foundations for the reduction of company tax in
Gibraltar from 22% to 10% as from 1 January 2011, to coincide with the
definitive abolition of the historical tax-exempt company regime, the Gibraltar
government said today.
“This legislation ends all distinction between ‘onshore’ and ‘offshore’
business,” the government added.
Gibraltar has now signed 18 tax information exchange agreements with other
jurisdictions and has others in the pipeline.
The offshore centre’s full integration in the EU and compliance with EU
financial services regulation, money laundering and co-operation rules,
alongside the new Tax Act completes Gibraltar’s 14-year transition from tax
haven to mainstream European financial services centre, the government added.
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.