"Commission’s proposal to phase out tax benefits for exempt companies in Gibraltar: Strict limits on existing as well as new beneficiaries"*Description of the exempt companies scheme Companies registered with the Gibraltar authorities under the 1967 Gibraltar exempt companies legislation are only subject to a fixed annual tax ranging between ￡225 and ￡300 (approximately €350 – €500). They are exempt from any further taxation in Gibraltar. Exempt companies may not conduct any trade or business within Gibraltar and no Gibraltarian or Gibraltar resident may have a beneficial interest in their shares. The Exempt Companies scheme was classified as State aid as it fulfils the four relevant criteria set by article 87(1) of the EC Treaty. The exemption from tax grants them an advantage compared
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The EU Commission proposes to phase out tax benefits for exempt companies in Gibraltar imposing strict limits on existing as well as new beneficiaries
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