Archive for January, 2005

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End of tax-exempt regime leads to representations to Govt

Monday, January 31st, 2005

by Joe Garcia

Representations are to be made to the Gibraltar Government by a committee just formed in the finance centre as the problems that could arise from the demise of the tax-exempt regime begin to sink in.

Lawyer Louis B May has taken the lead in the matter and a meeting was held last week. A committee has been formed and a further meeting is due to take place this week.

This is the committee: David Cuby of Mutual Trust/ Finsbury; Marc Ellul of ECE Nominees; Leslie Livens of Atlas Trust; Liz Plummer of Fidecs; Lilliane Riederer of Fidux Trust; Desmond Reoch of Line Management; Jens Sorensen of Sorek Services; Jonathan Stagnetto of Form-A-Co and Louis Triay of Gibraltar International Trust Corp.

The committee is to consider the implications of the proposed changes to the exempt companies and ways of mitigating the effects.

Under the agreement reached with the European Commission, the tax-exempt companies will end by 2010. New entrants will be allowed only until June next year under certain conditions, There are nearly 8,500 exempt companies in Gibraltar.

The tax-exempt system is considered by the EC to be in breach of State Aid. It remains to be seen if any companies will want to leave before time and also if new entrants will be willing to enlist in the knowledge that the system will end within a few years.

Stagnation

A position of stagnation is in the horizon, it is said in the finance centre.

As the situation stands at present, there is no alternative product available to offer prospective customers.

There is hope in Government circles that the pending court case on the question of regional selectivity’ will be won and that a new low-tax system can be put in place that will encourage new growth. But the later than happens, if it does, the greater the risk factor.

The European Commission rejected the Government’s tax proposals on the grounds of ‘material selectivity’, but this would allow for an alternative tax vehicle to be proposed.

However, it was also rejected on the grounds of ‘regional selectivity’, which provides for tax harmonisation with the UK. If such a concept prevails, Gibraltar will be deprived of having its own, separate corporate tax system to that in the UK.

This would mean that an element of competition, which is so vital for Gibraltar to succeed, would be lost on a permanent footing.

From Panorama, Gibraltar’s Online Daily Newspaper - Read more…

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Neish is new Bar leader

Monday, January 31st, 2005

Barrister James Neish is to be the next leader of the Bar, PANORAMA can advance today.

He will be replacing Tony Provasoli whose term of office is coming to an end.

Mr Neish, who is 53, is also a well-known and respected member of the legal profession.

His education took him from the Christian Brothers to the Grammar School and on to Nottingham university. He also attended at Inns of Court School of Law.

From Panorama, Gibraltar’s Online Daily Newspaper

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Is this a coward’s lot?

Monday, January 31st, 2005

by Susan Mansfield

“Byng would find himself ridiculed as the worst coward in British naval history. He came, he saw, he ran away.”

IN MAY 1757, Admiral John Byng was sent with a fleet of ships to relieve the island of Minorca, which was then under siege by the French. Why, then, was he seen heading at speed for the safe haven of Gibraltar? Byng would find himself ridiculed as the worst coward in British naval history. He came, he saw, he ran away.

Byng would suffer the ultimate penalty for his crime. He was court-martialled and shot on board the Monarque at Portsmouth in March the following year, the only British Admiral ever to suffer this ignominious fate. But many believe his death was unjust. When studied more closely, the machinations of government - which engineered his fate and made him a scapegoat for their own failings at war - look very modern indeed.

A unique album of material relating to Byng and his death, which goes under the hammer at Lyon & Turnbull in Edinburgh today, shows the extent to which his case set the country alight. A large leatherbound book with The Tragedy of Admiral Byng inscribed on the spine, it is a collection of more than 180 items relating to Byng and his world: a verbatim account of his trial, published at the time to an eager audience; maps, prints and letters; as well as many examples of the cartoons, ballads and lampoons which were written about his case. Among the most valuable documents are a copy of Byng’s will, and the official signed dispatch from the King Louis XV of France concerning Byng’s vain battle. The collection is valued between £5,000 and £8,000.

Scotsman.com News - Features - Read more…

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EU Commission investigates possible breach of Free Movement Rights

Monday, January 31st, 2005

Pensioners rights in Gib and Community Care

The European Directorate-General for Employment has been contacted by former Spanish workers working in Gibraltar -pensioners at present - with a similar case to that of the British pensioner who was seeking Community Care funds (Dominique Searle reports).

The British pensioner’s claim was rejected last week although the Commission questioned the compliance with free movement of workers and people’s rights.

The Commission has confirmed that its services have had several exchanges of information with the UK authorities and say that the information received gave a clearer indication of the issues involved and that the relevant services of the Commission have started to analyse the whole issue under the scope of the Community law on free movement of workers and the social security systems.

The Commission told the Chronicle that it has not yet taken a decision. Nevertheless, the Commission stressed that it has the right to take action in this field if the outcome of its findings reveal an infringement to Community law.

“We are not yet at that stage, as the thorough analysis of this is going on.”

From The Gibraltar Chronicle - The Independent Daily First Published 1801

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Property market set to adjust, says local expert

Monday, January 31st, 2005

Finance Centre & Government Housing

Properties designed for high net worth individuals – the so called luxury market – will stop their furious price hike and stabilise as that market adjusts to the apparent shrinkage of the finance centre. That is the view of veteran property expert Momy Levy who also says that local property prices, those aimed at the Gibraltarian market, are currently over-priced.

The recent news that exempt companies are being phased out in the next few years and that there is pressure from the EU for change will not have a direct impact on housing for Gibraltarians but Mr Levy believes that artificially high prices on the local market combined with the much awaited Government backed ‘affordable’ housing plans will now cause a drop in prices currently being asked by the agencies. Even building societies which lend mortgages have been participating in the sale of properties at what has been an unprecedented rise in sale values.

The luxury market such as Queensway Quay, Ocean Village and the new Marina Bay complex are, says Mr Levy, likely to see less demand as outside investors wait to see the direction the finance centre takes.

However Mr Levy said that the Eastside development will be a major positive factor for Gibraltar if it goes ahead as planned.

This will change the character of Gibraltar and we will become a proper holiday centre. This will bring new people to Gibraltar and will compensate for any loss in the finance centre. It will put us on the map.

Mr Levy meanwhile predicts that as soon as the Government backed Sands project houses go on sale on 50/50 or 70/30 options the rest of the local housing market will drop its prices.

“Prices today are just not realistic. They cannot be justified,” says Mr Levy, recognising that demand and prices in Gibraltar has even led to inflation of prices in the immediate vicinity across the border especially La Linea.

And Mr Levy insists that the way ahead for Gibraltar is to keep building more houses for Gibraltarians so that they can afford to live in Gibraltar rather than opting to live away. He suggests that when MoD releases more land this should have special concessions for developers who purchase to build for the local housing market.

From The Gibraltar Chronicle - The Independent Daily First Published 1801

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Small Businesses lash out at over-regulation

Saturday, January 29th, 2005

* Bossano turns down Gibraltar Federation of Small Businesses (GFSB) invite

Marilou Guerrero, chairperson of the GFSB, has hit out at the red-tape and “over-regulation” that has been introduced into Gibraltar’s banking system. She told a gathering of the business community that it was easier to open an account anywhere else.

In a brief speech to introduce the key speaker – the Chief Minister Peter Caruana - she made clear that the Federation will continue to campaign for action on the many areas where it wants Government to provide a supportive environment.

And it emerged that the Opposition Leader Joe Bossano had declined the invitation to be present at the dinner. It is understood that the Opposition had got wind of the fact that the Chief Minister was using the occasion to criticise the Opposition but the GFSB does not have the tradition that the Chamber of Commerce follows of alternating between the Chief Minister and Mr Bossano at their functions.

Meanwhile the GFSB revealed that a survey of its members shows that 66% are in favour of the controversial funicular project.

In a statement the GFSB said that its Board of Directors, whilst having their own ideas and feelings as to the proposal, felt that it was necessary to obtain the consensus of the members before confirming their position. They sent a circular to members asking for their opinions and can now confirm that based on the responses the members of the Federation are in favour of the project in the ratio of two to one. For both those in favour and those against there were many similar comments and also opposing comments.

In general terms GFSB highlighted below some of the more interesting comments:

• Tourism is the future mainstay of Gibraltar
• Competition is good for the community and business.
• Further details need to be made available to ensure that all parties have full knowledge of matters that can be considered of public importance.
• Existing facilities need to be improved and we need to create new innovative products.
• Heritage and environmental aspects must be considered by experts in the field.

From The Gibraltar Chronicle - The Independent Daily First Published 1801

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Pension Working Group meeting in London

Saturday, January 29th, 2005

A meeting of the working group on pensions which was established under the trilateral process of dialogue on 16 December 2004 between the British, Spanish and Gibraltar Governments was held yesterday in London.

A Gibraltar Government spokesman said:

This meeting provided an opportunity for discussion, clarification and exchange of information between officials of the three governments. Our officials made clear that they were willing to provide information to enable all concerned to have a better understanding of the background and facts relating to the issue and restated the Gibraltar Government’s well known position in the matter. It was agreed to hold a further meeting later this year.

Meanwhile CITIPEG, a breakaway organisation of former Spanish workers on the Rock yesterday held a public meeting in La Linea that was attended by some 20 pensioners. CITIPEG are demanding improved employment and pension rights for Spanish workers in Gibraltar and timed their event to coincide with the talks going on in London.

CITIPEG are backed by the trade union UGT (Unión General de Trabajadores) and by the local Moroccan Community Association who in turn are seeking their support to campaign for the setting up of a Tangier ferry link from La Linea.

From The Gibraltar Chronicle - The Independent Daily First Published 1801

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New Scientific Publication for GONHS

Saturday, January 29th, 2005

The Gibraltar Ornithological & Natural History Society (GONHS) has just issued a new publication, going under the title of Iberis: the scientific journal of the Gibraltar Ornithological and Natural History Society.

Iberis takes the name of the Gibraltar Candytuft, Iberias gibraltarica, which in Europe is found only in Gibraltar, but is also found in north Morocco. Iberis will be publishing scientific papers on the biology of the Strait of Gibraltar, which adds to the suitability of the journal’s little.

Published in full colour, the first issue carries articles on birds and invertebrates. One of the articles, by Charles Perez, records the first ever record in Europe of the Mountain Chiffchaff, a bird from the Himalayas, ringed at the GONHS station at Jews’ Gate.

Other articles are on invertebrates, including a review of Gibraltar’s land molluscs by Alex Menez, of isopods (woodlice and their allies) by Jason Easter, of beetles by Charles Perez and Keith Bensusan, and another on dragonflies by several authors including Paul Acolina. Another article confirms the presence in Gibraltar of the Scorpion.

The new journal is edited by an editorial board which includes GONHS members and university professors from three continents, Prof Mohamed Mouna of Rabat University Mohamed V-Agdal, Prof Agustin Fuentes of Notre Dame University, Indiana, USA, and Prof Antonio Galán de Mera from San Pablo University in Madrid. Co-ordinating the publication is Corresponding Editor Dr John Cortes of GONHS.

Iberis will be distributed to learned Societies and Universities around the world.
Copies of Iberis are available free to GONHS members and are on sale to the public for £2.50 at The Nature Shop in Casemates.

From The Gibraltar Chronicle - The Independent Daily First Published 1801

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Reformists warn against the ‘Monaco-isation’ of Gibraltar

Saturday, January 29th, 2005

The Reform Party yesterday expressed concern about the forthcoming multi-million pound Eastside development.

The party criticised the scheme as “yet another luxury enclave for the rich” and said it will be well out of financial reach of ordinary Gibraltarians. The Reformists said that the 2200 apartments planned for the development will not do anything for the Gibraltarians “who now find themselves having to live in ‘accommodation exile’ over the border.”

They added:

The much-heralded extra 200 offsite ‘affordable’ units associated with the project do constitute a positive element but what exactly will the word “affordable” mean in the long term? In any event, the whole site should have been used for this purpose.

From The Gibraltar Chronicle - The Independent Daily First Published 1801

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UK “Freepost” does not apply in Gibraltar, says Gibraltar Post Office

Saturday, January 29th, 2005

Gibraltar Post Office has said it has noticed with concern a significant increase in postal items which are being posted in Gibraltar without any postage stamps and addressed to the UK and other destinations, and sent as “Freepost”.

A spokesman for the post office said:

Many of these items are included in Business Reply pre-printed envelopes, which state on the face that no postage stamps need to be affixed to them. For the avoidance of doubt, the general public is reminded that UK Business Reply and Freepost services do not apply to Gibraltar.

The public is informed that if such items are posted in Gibraltar without being prepaid in Gibraltar postage stamps, they will be returned to sender if the name and address of the sender appears on the back of the envelope, in accordance with postal regulations. If there is no return address for the sender, items of this sort will not be forwarded to destination and instead they will be destroyed.

Local mail addressed to Gibraltar addresses and included in a specially preprinted envelope which indicates that it can be sent by Freepost will continue to be delivered free of charge. However, only items included in pre-printed Freepost envelopes will be treated in this way. Other items which do not conform with these requirements will be treated in the way prescribed by regulations.

From The Gibraltar Chronicle - The Independent Daily First Published 1801

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