UK- Gibraltar Tax agreement
A new Tax Information Exchange Agreement (TIEA) between the UK and Gibraltar entered into force on 15 December 2010.
The TIEA allows for the exchange of information in line with the OECD’s model and international tax standards. It is hoped that new TIEA will assist in improving the efficiency of tax information exchange and help to ensure that the international consensus on fiscal transparency and exchange of information is met.
The TIEA seeks to do this by allowing for the exchange of information necessary to prevent fraud and to ensure that the right amount of tax is paid in both the UK and Gibraltar.