to date (19 of which are in force). The Gibraltar Government has committed to entering a Foreign Accounts Tax Compliance Act (FACTA) agreement with the US and a similar arrangement with the UK and has volunteered to take part in the pilot multilateral exchange of information announced by G5 countries (UK, France, Germany, Italy and Spain). Gibraltar has requested that the UK extend to Gibraltar the Multilateral Convention on Administrative Assistance in Tax Matters. Its updated requirements provide for the introduction of standard forms for exchange of information on request and channels for exchanging information, as well as the introduction of automatic exchange of information on request in respect of five categories of income and capital gains. Gibraltar’s transposition of this EU Directive, means that since 1 January 2013, Gibraltar has had TIEA equivalent arrangements in place with all EU member states who have transposed the directive. In addition, Gibraltar has been assisting other EU jurisdictions under the Mutual Legal Assistance (EU) Act 2005; exchanging information since July 2005 with EU member states under the EU Savings Directive as transposed locally; and providing judicial assistance under the Evidence Act 1948 in response to Commissions Rogatoires/Letters of Request, in addition to mutual legal assistance with Schengen states under the Mutual Legal Assistance (EU) Act 2005. In June 2013, the European Council of Economic and Finance Ministers (ECOFIN) for the 27 EU member states endorsed Gibraltar’s Income Tax Act, as amended, as being compliant with the EU Code of Conduct for Business Taxation.
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