Gibraltar has announced its participation in a global coalition of territories committing to the adoption of new measures that will improve international cooperation on tax.
The agreement will see Gibraltar adopt a framework which will allow for the automatic exchange of information on land and property owners between authorities and aims to combat tax evasion.
The new mechanism is said to increase transparency and support more effective and fair tax administration.
Number Six says the Gibraltar’s early adoption of the Multilateral Competent Authority Agreement on Automatic Exchange of Readily Available Information on Immovable Property (IPI MCAA) underscores a continued commitment to leading in international standards. Transparency and cooperation, says the government, remain at the core of the Rock’s regulatory landscape.
A joint statement by participating jurisdictions acknowledged that immovable property ownership often has cross-border elements and that there was not yet a mechanism that allowed for the exchange of information across borders.
However, implementation will take time, with the statement setting the intention for the agreement to be adopted in the next five years.