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Newsletter | Articles Gibraltar Chief Minister defiant by Jason Gorringe, Tax-News.com, London 15 June 2004 In an interview with the news service Reuters, Gibraltar’s Chief Minister Peter Caruana indicated that the government is considering a complete withdrawal from the European Union in the light of the Commission’s recent decision regarding corporate tax reform. The proposed reforms aimed at abolishing the current 35% corporate tax rate and replacing it with a payroll tax and a business property occupation tax – both capped at 15% of profits. However, after lengthy deliberation the Commission decided that this would give companies domiciled in Gibraltar an unfair advantage over their counterparts in the UK and effectively suggested that for taxation purposes, the jurisdiction should be considered part of the United Kingdom. It also took issue with the fact that since the taxes are based on payroll and the occupation of business premises, offshore companies registered in Gibraltar would be unlikely to incur any tax liability. The Rock’s government has since argued that the ruling is “wrong both as to material selectivity and as to regional selectivity”, and announced that it will be challenged in the European courts. Mr Caruana warned: “If the European Court of Justice were to uphold the Commission’s position…then it would have grave implications for the whole economic model of Gibraltar.” “If Gibraltar and the UK lose…there are really only two viable ways to go forward. One is that Gibraltar should be integrated into the UK lock, stock and barrel. Or, that Gibraltar’s terms of membership in the EU would have to be reassessed,” observed the Chief Minister. However, he conceded that either option leaves the Rock facing something of a double edged sword, as any change in Gibraltar’s constitutional status with Britain could strengthen Spain’s legal claim to sovereignty over Gibraltar under the Treaty of Utrecht. Meanwhile, loss of offshore status would obviously be very damaging to the territory’s financial services industry. Nevertheless, Caruana remains defiant, and vowed that the government “is committed to ensuring that Gibraltar retains a viable, fiscally competitive financial services centre and we see no circumstances in which we accept that being undermined.” If you have any questions or concerns about Gibraltar companies, please contact Peter Beighton.