The economy of Gibraltar is managed and controlled by the Government of Gibraltar. Whilst being part of the European Union, the British overseas territory of Gibraltar has a separate legal jurisdiction from the United Kingdom and enjoys a different tax system.
The role of the UK Ministry of Defence, which at one time was Gibraltar's main source of income, has declined, with today's economy mainly based on shipping, tourism, financial services, and the Internet.
In his June 2009, budget speech, Chief Minister Peter Caruana noted that Gibraltar's economy remains in good shape and Government finances remain healthy, solid, stable and robust, despite global economic and financial turmoil.
Gibraltar will soon have a functioning stock exchange, the GibEX.
In December 2008 in a landmark decision the European Court of Justice ruled that:
the Court finds that the competent Gibraltar authorities which have devised the tax reform have, from a constitutional point of view, a political and administrative status separate from that of the central government of the United Kingdom.This allowed the implementation of a new low tax system which is to take full effect by 2010.
Read more about Economy Of Gibraltar: Shipping, Finance, Tourism, Internet Business, Defence Spending, Economy in Detail, Interaction With The Nearby Area, Various Economic Indicators By National Origin
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