Gibraltar Retains OECD Rating Of ‘Largely Compliant’ - On A Par With U.S, Germany, UK And Spain
Gibraltar has again achieved the second-highest OECD rating of ‘largely compliant’ in the latest Peer Review of tax information exchange carried out by a team of OECD Global Forum expert assessors. This places Gibraltar on a par with the USA, Germany, the UK and Spain. The review included an onsite visit to Gibraltar by a Global Forum assessment team in 2019.
In accordance with the Peer Review Methodology, expert assessors are tax officials drawn from tax authorities of OECD Global Forum member jurisdictions with “substantial relevant experience of transparency and exchange of information for tax purposes, including relevant practical experience”.
Gibraltar has in place the legal and regulatory framework to give effect to its exchange of information mechanisms and a very wide treaty network covering all relevant partners.
Gibraltar’s response to the Second Round Peer Review assessment, including a series of meetings with public bodies and industry associations during the onsite visit to Gibraltar by the assessment team in 2019, was coordinated by the Income Tax Office and the Finance Centre Department.
Fabian Picardo, Chief Minister and Minister with responsibility for finance and the international exchange of information, thanked the Gibraltar competent authorities (Finance Centre Department and Income Tax Office) for their hard work over the past ten years, dealing with hundreds of requests for information from partner countries.
“The Gibraltar competent authorities’ labour-intensive but accomplished task has in no small measure contributed over the years to further consolidating Gibraltar’s solid reputation as an internationally-cooperative jurisdiction, notably in terms of transparency and the exchange of information for tax purposes” said Mr Picardo.
Albert Isola, Minister for Financial Services, echoed the Chief Minister’s comments and added: “This report confirms the findings of 2014, that Gibraltar is ‘Largely Compliant’, on a par with four major nations, that I am very pleased with and we should all be proud of,” said Minister Isola.
The Gibraltar report is accessible via the OECD iLibrary: https://www.oecd-ilibrary.org/taxation/global-forum-on-transparency-and-exchange-of-information-for-tax-purposes-gibraltar-2020-second-round_8b4242db-en
