Gibraltar is the next one to tumble

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Gibraltar is the next secrecy jurisdiction to succumb to pressure to reform. As reported today:

GIBRALTAR: The government of Gibraltar said on Wednesday it would end its tax-free offshore status for companies based in the British territory as of January as it seeks to dispel its reputation as a tax haven.

Currently, the tax regime in the tiny enclave off southern Spain makes a distinction between "onshore" companies, which pay corporate taxes, and "offshore" companies, which are exempt.

But under the new tax code that comes into effect next year all companies will be required to pay corporate taxes although the rate will be slashed to 10 percent from 22 percent currently.

The ring fence has been smashed.

And I bet this: Gibraltar's income will tumble. Another secrecy jurisdiction will be biting the dust soon. Fair tax kills these places, as I always knew it would.