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Hammered out over the past year in protracted negotiations between Gibraltar, Britain and the European Commission, an agreement to extend the tax exempt status of 8,464 Gibraltar registered companies until December 2010 removes much uncertainty hanging over Gibraltar’s Finance Centre.

Reflecting Gibraltar’s strong and continuing economic growth, this year’s Budget, presented to Parliament by the Government at the end of June, provides a time-table for the long-awaited introduction of a low corporate tax regime. And while an immediate 2 per cent reduction in the tax paid by tax resident companies – from 35 to 33 per cent – has disappointed the local business community, they and investors will take some consolation from the fact that the Government committed to a timetable to