GIBRALTAR TAX
December 1st, 2002
BY KEITH NUTHALLTHE EUROPEAN Commission has ordered the British government to reform Gibraltar's offshore company taxation rules by ensuring its 'Exempt Company' regime is phased out by December 2005 at the latest. Its action follows an inquiry, which led to the Commission concluding that the tax system constituted illegal state aid, banned under EU law because it unfairly favours one European company over another.Exempt Companies are financial services companies domiciled in Gibraltar that may not conduct any trade or business within the colony; they pay a fixed ...
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