With the finalisation of a Double Taxation Agreement (DTA) between the Gibraltarian and UK Governments, Gibraltar is now well positioned to seek new DTAs with relevant jurisdictions globally, says ISOLAS LLP.
The agreement, that was signed in London on 1 October and in Gibraltar on 15 October, brings greater clarity for businesses operating in Gibraltar as bilateral taxation agreements remove barriers to international trade and investment and provide a clear framework for taxing businesses that trade between jurisdictions.
The deal will also position Gibraltar’s offering on a level playing field with competing jurisdictions that currently already have double taxation agreements with the UK. The agreement highlights Gibraltar’s commitments to the international standards of tax transparency and its reputation as a robust and reputable financial centre.
ISOLAS Senior Partner Peter Isola said:
“The signing of the DTA strengthens our links with the UK, making for a far more attractive regime for individuals and corporates that work or reside in Gibraltar. It brings enhanced certainty on the future economic relationship with the UK for our current and prospective clients.
“With this agreement in place and the agreed tax treaty with Spain (awaiting ratification by Spain) Gibraltar is well positioned to seek new taxation agreements with other countries, increasing Gibraltar’s attractiveness as a great place to do business from.”