DESPITE repeated allegations from the Spanish government that Gibraltar is a tax haven, news is regularly received that suggests this is far from the case, and that the government has been doing all that it can to ensure that it complies as fully as possible with international standards, whilst generating income in a proper fashion.
It has just received a letter of commendation from the Commissioner of the US Treasury Department, John Koskinen who praises the ‘achievement of a remarkable milestone – the electronic exchange of financial account information between our respective tax administrations.’
Mr Koskinen also described as ‘truly remarkable,’ Gibraltar’s ability to follow the required procedures to implement compliance as well as set up a secure electronic information exchange. He said the implementation of the Foreign Account Tax Compliance Act (FATCA), has allowed the two legislations to improve the compliance of residents using offshore banking and investment facilities.
Caretaker Chief Minister Fabian Picardo acknowledged this praise, thanking all of the parties in Gibraltar who had worked to ensure that this was achieved.