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Gibraltar-Spain-United Kingdom

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Update - Gibraltar Publishes Tax Agreement with Spain

The Government of Gibraltar has published the International Agreement on Taxation and the Protection of Financial Interests between the Kingdom of Spain and the United Kingdom of Great Britain and Northern Ireland regarding Gibraltar, which was signed by Spain and the UK on 4 March 2019.  The agreement includes six main articles:

  • Article 1. Protection of financial interests and tax good governance, which includes that EU law continues to apply regarding transparency, administrative cooperation, harmful tax practices, and anti-money laundering until EU law ceases to apply in Gibraltar and from that date, equivalent legislation will be maintained in Gibraltar;
  • Article 2. Tax residency of natural and legal persons, entities and other legal structures or arrangements, which includes special rules on residency and a general elimination of double taxation provision;
  • Article 3. Administrative cooperation in tax matters, which includes that once EU law ceases to apply in Gibraltar regarding administrative cooperation and mutual assistance in the recovery of taxes, the parties will apply measures with equivalent effect;
  • Article 4. Liaison bodies, which provides for the designation of liaison bodies with competence to directly undertake the cooperation actions set forth in the agreement;
  • Article 5. Joint Coordination Committee, which provides for the creation of a Joint Coordination Committee formed by the Authorities designated by the Parties to supervise and coordinate the cooperation activities set out in the agreement and resolve difficulties or doubts on the agreement's application;
  • Article 6. Information exchange, Confidentiality, and Data Safeguards, which includes that information exchanged under the agreement is subject to the rules provided in Articles 21 and 22 of the Convention on Mutual Administrative Assistance in Tax Matters of the OECD and the Council of Europe.

The agreement will enter into force once the ratification instruments are exchanged. Article 3 will apply from 1 January 2011 or 1 January 2014, depending on the type of information exchanged, and the other provisions of the agreement generally apply from the date of its entry into force. Although signed by the UK, the agreement only applies in relation to Gibraltar and Spain.

Click the following link for a detailed summary of the agreement published by Gibraltar.

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