On 7 October 2016, the European Commission published an invitation to comment on the decision to extend its State aid investigation into the tax rulings procedure under Gibraltar's corporate tax regime, which was designed in 2010 and entered into force in 2011. The regime subjects resident companies to corporate tax at the rate of 10% on the basis of the territoriality principle, and provides a tax rulings procedure for Gibraltar incorporated companies to ask in advance if they are liable to tax. After reviewing 165 such rulings, the Commission is of the view that both the specific rulings and the...