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Gibraltar signs tax deal with Germany
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Germany signed a tax accord with Gibraltar that gives German authorities access to information on its citizens, as the British territory on the southern tip of Spain bends to increased global pressure against tax havens, says the financial news service Bloomberg.
According to the agreement, German authorities will have access on request to information relevant to their tax laws, irrespective of whether an investigation has begun, the Finance Ministry in Berlin said.
“The signing of this agreement is an important step in worldwide efforts for an international financial system that’s not distorted through scant transparency and the lack of an effective exchange of tax information,” the ministry said.
Tax havens and other jurisdictions are seeking to conform to standards set by the Organization for Economic Cooperation and Development as the Group of 20 targets uncooperative tax practices in a bid to counter the global financial crisis.
Gibraltar, which is on the OECD’s “grey list” of tax havens that have committed to but not yet implemented global standards, signed a similar agreement with the U.S. in March.
PAIN FROM SPAIN
• Meanwhile, Spanish is also poised to sign a similar agreement about Gibraltar, but official souces there say the agreement will be with Britain
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