No more VAT reclaims: At least 17% transaction tax to hit Gibraltar goods

The Chief Minister told GBC's Viewpoint Gibraltar residents will no longer be able to claim VAT after shopping in Spain.

There will however be a transaction tax applied to goods sold on the Rock of at least 17 %.

Fabian Picardo also said local businesses would be able to sell in Spain with a bigger market opening up for them.

He confirmed the Treaty text would be ready to be ratified by Gibraltar, the UK and the EU in the autumn.

WATCH: the full 90-minute Viewpoint interview in which Ros Astengo put the public's questions to the Chief Minister on Thursday night.