In June 2005, the Budget for 2005/06 was presented by the Chief Minister. The tax proposals, which include an extension of the unilateral double tax relief to all countries, are expected to take effect from 1 July 2005.Furthermore, the income tax on dividends and interest from shares and securities quoted on a recognized stock exchange and interest paid by banks and other financial services institutions licensed in Gibraltar or by the Gibraltar Government Savings Bank is abolished from 1 July 2005.