In series:Global Forum on Transparency and Exchange of Information for Tax Purposes: Peer Reviewsview more titles
Published on October 29, 2014
The Phase 2 review rates Gibraltar as overall largely compliant with the international standard. Gibraltar has amended its law to address the Phase 1 deficiencies identified however small deficiencies remains in relation to lack of penalties in the amendment of the Partnership law and partnerships are not subject to systematic oversight of compliance with their accounting obligation. In addition, the obligations to maintain accounting records in accordance with the standard only came into force in 2013 and so the effectiveness of these amendments could not be fully assessed. Further, a gap was identified concerning the systematic disclosure to third parties information that is not needed to obtain information requested. While mechanisms in Gibraltar allow for effective exchange of information to a large extent, the report identifies some deficiencies concerning EOI with one of Gibraltar’s Competent Authorities. It is recommended that this competent authority ensures better communication with its main EOI partner and improve its current systems to ensure that EOI is dealt with effectively and efficiently. For further information on Gibraltar’s exchange of information practices click here.