Chief Minister emphasises need for Gibraltar's distinct tax regime

The Chief Minister has emphasised the need for Gibraltar's distinct tax regime and expressed optimism about reaching a treaty with Spain.

In an interview with the Spanish newspaper, La Vanguardia, Fabian Picardo also criticised false narratives about Gibraltar and highlighted the Rock’s significant economic contributions to the region.

The Chief Minister said that Gibraltar's tax regime must differ from Spain's to create a zone of shared prosperity.

Fabian Picardo told La Vanguardia that while Gibraltar lacks VAT, it is open to introducing a similar tax and has already raised corporate tax to 15%, aligning with other European countries.

He said he remains optimistic about reaching a treaty soon if all parties negotiate in good faith.

Fabian Picardo criticised false narratives from right-wing Spanish politicians, saying they portray Gibraltar negatively, and highlighted Gibraltar's significant economic contributions to the region, including job creation for many Spaniards.

He also advocated for reducing border controls while ensuring security through technical means and praised the cooperation with Spanish police in combating organized crime.

In the piece, the Chief Minister said that despite occasional challenges, he believes that Spain can be a great ally to Gibraltar.