surinenglish

Gibraltar retains place in second-highest tax transparency category

Financial Services Minister Albert Isola.
Financial Services Minister Albert Isola. / SUR
  • The OECD has again granted the Rock 'largely compliant' status, which is the same as the USA, Germany, the UK and Spain

Once again Gibraltar has achieved the second-highest OECD rating of 'largely compliant' in the latest Peer Review of tax information exchange carried out by a team of OECD Global Forum expert assessors. This places Gibraltar on the same level as the USA, Germany, the UK and Spain. The review included an onsite visit to Gibraltar by a Global Forum assessment team in 2019.

The expert assessors are tax officials drawn from tax authorities of OECD Global Forum member jurisdictions with "substantial relevant experience of transparency and exchange of information for tax purposes, including relevant practical experience".

Chief Minister Fabian Picardo, who is also the minister with responsibility for Finance and the International Exchange of Information, thanked the Finance Centre Department and Income Tax Office for their hard work over the past ten years, dealing with hundreds of requests for information from partner countries, saying they had in no small measure contributed over the years "to consolidating Gibraltar's solid reputation as an internationally-cooperative jurisdiction, notably in terms of transparency and the exchange of information for tax purposes".

Albert Isola, the Minister for Financial Services, said the report confirms the 2014 findings, that Gibraltar is on a par with four major nations, which he is pleased about, and that it is something "we should all be proud of".