(Agencies) The UK and Gibraltar signed an agreement yesterday that will ease the exchange of information on tax matters. It will also ensure that tax liability in Britain will pay the tax on investment rights on the Rock and that the proper VAT is paid on goods and services in and out of the UK.>
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The agreement is similar to that signed by Britain with off shore financial centres such as Bermuda, Isle of Man, Jersey, Guernsey, British Virgin Islands, Turks & Caicos, Anguilla and Lichtenstein.
“We are very grateful to the authorities of Gibraltar for their constructive attitude,” said British Financial Secretary Stephen Timms at a press conference on the matter. “I applaud Gibraltar for joining the growing number of jurisdictions applying fiscal transparency and exchange of information,” he added.
The latest is one of a string of such agreements -others have been signed with the US, Australia, New Zealand, Ireland and Germany- that have raised complaints from the Gibraltar Opposition, which claims they are being signed ‘in secret’ and without any prior notice or debate.