New Changes to Gibraltar´s Financial Information

Gibraltar Obliged To Share Financial Information With Spain

The European Court of Justice has obliged Gibraltar to share financial information with Spain. This is important news for anyone who is resident in Spain and holds assets in Gibraltar, especially those who indirectly own property in Spain via corporate or other fiduciary structures resident in Gibraltar.

The Spanish tax authorities may now easily obtain information relating to such structures from Gibraltar banks.

VAT rise in Spain as from 1st September

There has been recent tax news introduced by the Royal Decree Law 20/2012. This regulation has increased the general VAT tax rate from 18% to 21% and the reduced tax rate from 8% to 10%.  The new tax rates will be applicable from September 1st 2012.

Additionally, Personal Income Tax withholding over the income paid to professionals are increased from 15% to 21% (the new withholding tax rate will be applicable from September 1st, 2012 until December 31st, 2013).