The Minister of Economy, Finance and Civil Service of Ceuta, Kissy Chandiramani, stated that the Spanish autonomous city stands out for its legal security and transparency offered to companies in the online gaming sector, in addition to an advantageous tax regime for their operation.
In an exclusive interview with Yogonet, the Ceuta official denied that the city is an exclusive hub for European companies and noted that Spain has a large number of tax treaties with Latin America, a fact that positions them favorably for investments by companies from those countries.
Chadiramani recently attended the SBC Summit Barcelona, where she represented Ceuta and spoke about the tax advantages that the city offers to the online gaming sector and the benefits it offers to companies already operating or wishing to operate in Latin America.
After attending SBC Summit Barcelona, what is your impression of the online gaming sector regarding Ceuta’s current position?
First of all, I would like to thank you for the opportunity to continue with our plan to increase the national and international visibility of the city of Ceuta and what we offer to the companies that operate from our territory, whether they are technology companies or online gaming operators.
Regarding our presence in the recent SBC Summit Barcelona, the reason for our presence is to expand our positioning in the gaming sector, as well as to extend it to all types of technology companies. In addition, we were pleasantly surprised with the growth that this event has had compared to 2021 and that it is expected to be even greater for 2023.
What legal and tax factors explain the advantages that the autonomous city of Ceuta offers over other jurisdictions, such as Malta or Gibraltar?
It is common knowledge that Ceuta enjoys a special tax regime with very advantageous tax rates – such as 50% corporate tax; 60% personal income tax; 50% gambling tax; indirect taxation on B2B services received at 0.5% instead of VAT at 21% – but for us, our greatest strength is that we are a city that offers transparency, legal certainty and clear rules in our taxation, as we are under Spanish and European legislation.
It is more than obvious that Ceuta is not a tax haven and has never been classified as such, being directly applicable to all the Spanish and European legislation, including the one related to the fight against money laundering and fraud. We are convinced that it is very important to follow this path.
The city of Ceuta.
How much has Brexit affected this growth and rule change in Ceuta?
This question is more difficult to answer objectively. Obviously, it is a plus to belong to the European Union to be able to operate in its market, but it is also true that before its entry into force we already had many advantages over the United Kingdom.
Beyond tax incentives, what other measures are taken by the government of Ceuta to continue growing in this sector and attract more investment from the sector?
To insist on the arguments previously mentioned and to further strengthen the commitment of the Government of Ceuta to train personnel in accordance with the requests made by the sector, whatever their position may be within the ecosystem. It is especially important to highlight the proximity and proactivity that our administration offers to companies, advising them on everything they may need.
Allow me to highlight the creation of our own professional training center, “Ceuta Open Future”, where we bring together start-ups, the University, companies, and young talents, and it is giving spectacular results.
Is this new hub designed exclusively for European companies?
The answer is a resounding no. We are open to all types of companies that, actually operating from our city, generating jobs and therefore, generating economic gains, wish to move to Ceuta. In fact, we offer a free study carried out by the independent consulting firm of great international prestige E&Y to help you make the most advantageous decision for your company.
Why is Ceuta referred to as a gateway into Latin America?
In our opinion, we believe that it is time to value our mother tongue, which allows the provision of services from Ceuta to all of Latin America. It should also be noted that Spain is the European country with the highest number of international treaties to avoid double taxation with Latin American countries, which again puts us at an advantage over the rest.
Currently, according to an Insight View report, 68% of Ceuta’s economic turnover comes from 3% of companies, all of them linked to the gaming and sports betting sectors. What are the effects of having a local economy with these characteristics?
In Ceuta, only companies authorized by the General Directorate of Gaming Regulation are installed and operate, which strictly comply with the European and Spanish regulations, since in Europe it is a highly regulated sector and it must continue to be so. It is important to highlight the significant positive impact on the local economy. In fact, there are more than 40 companies directly or indirectly related to the sector, resulting in the creation of 500 jobs and 4,500 m2 of rented premises, not to mention their impact on consumption.
Original article: https://www.yogonet.com/international/news/2022/09/29/64438-ceuta–34we-are-a-city-that-offers-transparency–legal-certainty-and-clear-rules-in-our-taxation-34
