It is believed Gibraltar is close to signing its first Double Taxation Agreement (DTA).
James Lasry, Partner in law firm Hassans says Gibraltar is looking at signing a DTA with Mauritius. Lasry explains that the call for Gibraltar to engage with a series of DTAs with other jurisdictions was first made five years ago to the then chief minister, Peter Caruana. However, the first task for the law-maker was to put in place the requisite number of Tax Information Exchange Agreements (TIEAs).
“Gibraltar has moved from being a private client jurisdiction to being a jurisdiction where service providers have a lot more value added. We still do investment holding companies, but today these are much more complex and they have become part of much larger structures which more often than not include insurance companies, banks and funds. Because we want to enter into these areas, we have had to sign TIEAs because as an onshore jurisdiction there is no way we cannot share that information if everyone else is going to.”
TIEAs are described by Lasry as “the stick” and now Gibraltar wants to offer “the carrot” - hence the call put out to other jurisdictions to partner the Rock with a DTA. “We have a working group on DTAs but we have found it hard to get interest being a small jurisdiction,” adds Lasry.
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