"During the course of 2009 Gibraltar met the OECD's requirements in relation to the number of TIEAs it needed to have in place so as to be white listed by the OECD as a jurisdiction committed to meeting its international requirements.
The first, and therefore most memorable TIEA signed, was with the USA on the eve of the G20 summit in London when Chief Minister, Peter Caruana, met with the US Treasury Secretary Mr Timothy Geithner in order to finalise and sign the agreement.
Today a total of 18 TIEAs have been agreed, not only meeting the OECD requirements but surpassing the minimum figure required.
Of the 18 TIEAs agreed and signed, 13 have now come into force, (please click here for the full list), with Portugal on the 24th April this year being the latest country to do so. This will result in the removal of Gibraltar from the Portuguese Blacklist of Offshore Tax Havens and allow for improved relationships between both countries going forward.
In addition to the number of TIEAs Gibraltar now has with various countries, it has also repositioned itself in relation to its corporate tax regime in order to satisfy the OECD's need for jurisdictions to fall outside their 'Harmful Tax Practises' (originally Unfair Tax Competition) and allow for a level playing field across its member states.
On the 1st January 2011 Gibraltar's new corporate tax rate of 10% across the board came into effect bringing to an end the Gibraltar Tax Exempt Company and in doing so shifting Gibraltar's position from that of an offshore jurisdiction to an onshore, but yet competitive, International Finance Centre.
As a stable and compliant OECD and EU member state offering competitive tax solutions, fund services and financial passporting possibilities it would be fair to say that the Gibraltar Governments drive and commitment to meet international standards bodes well for the future."
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