Gibraltar Government Press Release

31/03/2009

The U.S. Department of the Treasury and the Government of Gibraltar today announced that the United States and Gibraltar have signed an agreement to allow for exchange of information on tax matters between the United States and Gibraltar.

The agreement was signed by Secretary Tim Geithner and Gibraltar Chief Minister Peter Caruana in London in advance of the G20 Leaders Meeting, where the topic of offshore tax evasion and strengthening the implementation of international standards by offshore financial centers will be a topic of discussion.

President Obama´s FY2010 budget calls for a robust portfolio of Internal Revenue Service (IRS) international tax compliance initiatives. ´The President´s budget makes a commitment to reduce international tax avoidance. As part of this commitment, the Treasury Department is embarking on an ambitious effort to deal with offshore compliance as evidenced by today´s agreement with Gibraltar,´ said Treasury Secretary Geithner. ´I will continue to demand transparency from countries on behalf of American taxpayers. I look forward to Gibraltar´s cooperation with the United States and to this agreement serving as an example for other financial centers around the world.´

The Chief Minister of Gibraltar, Peter Caruana said, ´We are delighted that our first agreement of this kind is with the United States. Gibraltar is committed to the OECD standard and the offer of such an agreement is open to other countries. Properly regulated exchange of information has become increasingly important. We look forward to co-operating with the United States under this agreement. As part of the European Union Gibraltar already complies with EU standards of financial regulation and exchange of information.´

Author: Gibraltar Government Press Release