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Officials in the British overseas territory of Gibraltar have
hit back at Ed Miliband's comments on 'tax havens'

Gibraltar's chief minister Fabian Picardo met with Mr Miliband
in London this week, accompanied by the minister for financial
services, Gilbert Licudi.

“Following Mr Miliband’s recent remarks about tax havens, the
chief minister and Mr Licudi briefed Mr Miliband on the latest
developments in Gibraltar and in particular on the work of the
finance centre as a fully compliant EU financial services hub
that operates entirely in keeping with EU directives and
regulations, fully compliant with OECD rules also and therefore
not by any measure a 'tax haven'," a government spokesperson
said.

Officials in the crown dependency of Guernsey have also
dismissed Miliband's threat to wage war on UK tax havens, as
"political posturing". Charles Parkinson, Guernsey's treasury
and resources minister, said the comments were of no concern.

Mr Miliband has said the UK should encourage offshore
territories to reform or face being blacklisted. But officials
on the Rock point out many reforms have already taken place.

In January last year, a new Income Tax Act came into effect in
Gibraltar, which Gibraltar says marked the territory’s 14-year
transition from "tax haven" to an integrated, mainstream
European financial services centre.

A key part of the act reduced company tax from 22 per cent to
10 per cent, making Gibraltar new-business friendly.

"The Rock is fully compliant with EU financial services
regulation, money laundering and co-operation rules and has
achieved OECD White List status," said Brian Stevendale,
business development director of Gibraltar marina resort Ocean
Village.

"EU, European Economic Area and Swiss nationals are free to
work and reside in Gibraltar without a permit and personal tax
is capped at a low level.

"Meanwhile ‘passporting’ of financial services has been in
place since July 2003, allowing firms and certain funds to
offer their services and products throughout Europe (Chicago
Options: ^REURUSD^[1] -
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the basis of their Gibraltar licence.

"Also, interestingly, Gibraltar falls outside EU Customs Union
that delivers substantial benefits that haven’t gone unnoticed
by re-insurance and internet gambling companies, in
particular."

References

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