Gibraltar 'not a tax haven by any measure' "Following Mr Miliband's recent remarks about tax havens, the chief minister and Mr Licudi briefed Mr Miliband on the latest developments in Gibraltar and in particular on the work of the finance centre as a fully compliant EU financial services hub that operates entirely in keeping with EU directives and regulations, fully compliant with OECD rules also and therefore not by any measure a 'tax haven'," a government spokesperson said. Officials in the crown dependency of Guernsey have also dismissed Miliband's threat to wage war on UK tax havens, as "political posturing." Charles Parkinson, Guernsey's treasury and resources minister, said the comments were of no concern. In January last year, a new Income Tax Act came into effect in Gibraltar, which Gibraltar says marked the territory's 14-year transition from "tax haven" to an integrated, mainstream European financial services centre. A key part of the act reduced company tax from 22 per cent to 10 per cent, making Gibraltar new-business friendly. "The Rock is fully compliant with EU financial services regulation, money laundering and co-operation rules and has achieved OECD White List status," said Brian Stevendale, business development director of Gibraltar marina resort Ocean Village. EU, European Economic Area and Swiss nationals are free to work and reside in Gibraltar without a permit and personal tax is capped at a low level. "Meanwhile "passporting" of financial services has been in place since July 2003, allowing firms and certain funds to offer their services and products throughout Europe on the basis of their Gibraltar licence. Also, interestingly, Gibraltar falls outside EU Customs Union - that delivers substantial benefits that haven't gone unnoticed by re-insurance and internet gambling companies, in particular.