Gibraltar: Tax measures included in 2016 budget

Gibraltar: Tax measures included in 2016 budget

The first “post-Brexit” budget was presented on 5 July 2016, and includes the following tax measures:

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  • A new tax incentive applies for start-up businesses that employ at least five individuals—a tax credit of up to £50,000 per year will be available for the first three years of trading and is available until 30 June 2017.
  • Telecommunication companies will pay corporation tax at a rate of 10% on profits that are not directly arising from their telecommunications trade (down from 20%).
  • The tax rates for businesses remain unchanged.
  • A tax amnesty program has been extended by six months.

 

Read a July 2016 report [PDF 93 KB] prepared by the KPMG member firm in Gibraltar: 2016 Budget

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