The Diplomat
The Chief Minister of Gibraltar, Fabian Picardo, expressed yesterday, following the entry into force of the tax treaty signed between Spain and the United Kingdom on the British colony, the Rock’s “commitment” to fiscal transparency.
In a note issued by the Gibraltar Government, Picardo points out that the treaty is “an important step forward in tax cooperation” with Spain and expresses his confidence that it will be considered “undeniable proof of Gibraltar’s commitment to transparency, which is widely recognised at international level”.
We are ready,” he adds, “to begin the information exchange work envisaged in the Treaty and look forward to building strong institutional and interpersonal relationships with the relevant Spanish tax authorities in this area, as we have already done with tax authorities around the world”.
For its part, the UK Embassy in Madrid issued an official statement from the British Government setting out the main points of the agreement, which entered into force yesterday, following its publication in Spain’s Official State Gazette.
Noting that “the Government of Gibraltar has been fully involved in the negotiations at every stage and has passed the necessary legislation to secure its ratification”, London points out that the Treaty “demonstrates the constructive spirit of the UK and Gibraltar Governments, together with Spain, to ensure the continued prosperity of Gibraltar and the region as a whole”.
Finally, the British statement is convinced that the agreement “will improve cooperation between the tax authorities of Spain and Gibraltar”, while adding that it “provides rules for resolving tax residence disputes and administrative cooperation, for example through the exchange of information and the resolution of disputes through a joint committee”.
