GIB PROBE
October 1st, 2002
Keith NuthallTHE EUROPEAN Commission has launched a state aid inquiry into the planned reform of Gibraltar's company taxation laws. It entails the abolition of company profits taxation, replacing it with a payroll tax, (Pounds 3,000 per employee), and a business property occupation tax. Financial services and utilities would face top-up taxes on profits at eight and 35 per cent respectively. Brussels thinks that these changes could give Gibraltar companies an unfair advantage over other British businesses, in effect giving them illegal state aid subsidies. This ...
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