After meeting with the Bulgarian Ambassador to the UK, the Gibraltar government initiated contact with the Bulgarian Ministry of Finance to address the issue.
The ministry has amended its corporate income tax law to remove Gibraltar from its list of countries with preferential tax regimes. It also excluded Gibraltar from the scope of Bulgaria’s offshore companies law.
Gibraltar was explicitly delisted by Bulgaria with effect from 1 Jan 2016.
“I am delighted with this result following our recent successes with Canada, Estonia, Italy, Latvia and Poland,” said Isola.
“We will continue to press the remaining very small number of EU Member States to delist Gibraltar as soon as possible given that we have exchange of information mechanisms for tax purposes, to the OECD standard, with all EU Member States as well as a further fifty countries around the world.”
