In the latest exchange over Gibraltar’s power generation and distribution problems, the Government has said that an internal expert report from 2005 urged the then Government to “act now” while warning that the existing attitude of “praying” and keeping their “fingers crossed” was not an option in relation to a network which was falling apart.
The Government has formed a working group of Industry professionals to review the Category 2 individual programme, which aims to attract high net worth individuals to Gibraltar. The formation of the group was formally discussed by the Chief Minister in his budget speech, pledging to ‘work with the private sector to review, update and ensure that the products available to the Finance Centre professionals are fit for purpose and relevant in today’s world economy.’
The GSD Opposition says it wishes to express its “very serious concern” at the announcement by the EU Commission regarding the investigation of Gibraltar’s tax regime in relation to certain tax rulings issued by the Income Tax Office.
The GSD has hit back at the Government’s attempt to blame them for their failure to commence works on the new Power Station, three years into the tenure in office. The Party has claimed that if the contract negotiated by the previous GSD administration had not bee cancelled, Gibraltar would have a new power station with improved distribution infrastructure.
The Government says it considers that the decision of the outgoing Spanish EU Competition Commissioner Almunia to extend the ambit of the State Aid investigation into the Income Tax Act 2010 to be wrong.
