Following an interview with GBC last week, recently-elected Chamber President Mr. John Isola responded to a question on the possible introduction of VAT in Gibraltar in the context of the ongoing discussions between the UK, on behalf of Gibraltar and the EU.

The Chamber says that its position on the introduction of VAT in Gibraltar remains unchanged.

A statement followed: “The introduction of VAT is a red line for the Chamber as it would not be in Gibraltar’s interests and would make our economy less competitive. This follows wide consultation with our members in the sectors that would be affected by such a move. The Chamber’s position is clearly set out in the December edition of its members’ magazine, Gibraltar Business.

“In his GBC interview, the Chamber President was highlighting the need for local businesses to be flexible in general terms for the good of the economy and the community overall but this would be in the context and depend upon what the terms of any treaty might be. Gibraltar needs to remain competitive in the future.”

The Chamber says it will not be making any further comment on the possible outcome of the treaty until the full text of any agreement has been published.