The Spanish Senate approved the tax treaty for Gibraltar and Spain during a session on Wednesday, 16th September 2020. The Senate approved the treaty by 15 votes in favour and 11 against, with one abstention.
This was the latest step in the ratification of the treaty by the Spanish Parliament. The treaty must now return to the Spanish Congress, the lower house of the Spanish parliament, for a final vote before the process is complete.
The treaty is now on the final leg of the ratification process in the Spanish Parliament and, despite the unequivocal opposition of the Spanish right, is expected to be ratified having cleared all previous hurdles.
The agreement has yet to be ratified by the UK Parliament, however, with the Gibraltar Parliament also due to debate a motion on the treaty.
The Gibraltar Government says the treaty reflects the Rock’s long-standing wider commitment to full fiscal transparency as a reputable financial services centre, particularly after Brexit.