European Union Referendum Result

Dear Licensee,

As you will be aware, on Thursday 23rd June 2016, a referendum was held to decide whether the United Kingdom should remain a part of the European Union or leave the European Union (EU).

The result of this referendum is now confirmed: the majority of people have voted in favour of leaving the EU.

However, the nature of the UK and Gibraltar’s future relationship with the EU is yet to be determined and is likely to be a lengthy process.

Therefore, it is important to note that business as usual will continue, and Gibraltar – together with the UK – remains part of the EU.

This means that consumers and depositors will still be protected by EU laws, and businesses will still be able to rely on access to the EU.

The Gibraltar Financial Services Commission will continue to work towards compliance with EU Directives and relevant legislation, and we will work closely with HM Government of Gibraltar at this time and over the coming months.

Our team stand ready to answer any queries you may have – please direct these to information@fsc.gi.

GFSC Statement on the European Union Referendum result


Picardo’s defends Rock’s commitment to transparency

The United Kingdom needs to look at its own tax rules to ensure fairness, Chief Minister Fabian Picardo said this weekend as he defended Gibraltar commitment to transparency.

Mr Picardo made the comment during an interview with Dermot Murnaghan on Sky News on Sunday morning in the wake of the Panama Papers scandal and comparisons with Gibraltar.

Read More - Gibraltar Chronicle


Gibraltar ‘walks tall’ at anti-corruption summit

Prime Minister David Cameron yesterday used an anti-corruption summit to defend the progress made by Britain’s Overseas Territories toward improving tax transparency.

He made the statement as he hailed the event as “the biggest demonstration of the political will to address corruption that we have seen for many, many years”.

Read More - Gibraltar Chronicle


Overseas territories spared from UK law on company registers

Crown dependencies and territories will not have to create registry of ownership that is open to public, minister says.

Britain will not make fresh demands of its overseas territories to end tax secrecy at an upcoming anti-corruption summit, the minister for the territories has confirmed. James Duddridge praised the leadership of the territories on tax transparency on Tuesday, saying they had taken a big step by agreeing to set up central registers of beneficial ownership that would be open to law enforcement agencies.

http://www.theguardian.com/business/2016/apr/12/overseas-territories-spared-from-uk-law-on-company-registers 


Anti Tax Avoidance Package

The Anti Tax Avoidance Package is part of the Commission's ambitious agenda for fairer, simpler and more effective corporate taxation in the EU. The Package contains concrete measures to prevent aggressive tax planning, boost tax transparency and create a level playing field for all businesses in the EU.

It will help Member States take strong and coordinated action against tax avoidance and ensure that companies pay tax wherever they make their profits in the EU.

http://ec.europa.eu/taxation_customs/taxation/company_tax/anti_tax_avoidance/index_en.htm

 


Beware of Natwest Scam

Remember to be careful with emails - this is an example of another scam going around. Don't click, ignore and delete!

What should you do if you’ve received a scam email?

  • Do not click on any links in the scam email.
  • Do not reply to the email or contact the senders in any way.
  • If you have clicked on a link in the email, do not supply any information on the website that may open.
  • Do not open any attachments that arrive with the email.

http://www.actionfraud.police.uk/scam-emails


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Contact Information

info@gaco.gi

Gibraltar Association of Compliance Officers,

PO Box 1493, Gibraltar