Hammered out during the past year in protracted negotiations between Gibraltar, the UK and the European Commission (EC), an agreement to extend the tax-exempt status of 8,464 Gibraltar-registered companies, until December 2010, removes much uncertainty hanging over Gibraltar’s Finance Centre.
The agreement was formally announced last month but reached in December. It also provides for any existing company that changes ownership – or even the form of its activity – before 30 June next year, to benefit from its tax-exempt status until 31 December, 2007. Uniquely, it also allows new exempt status business until 30 June, 2006.
