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Gibraltar
Overview
Last reviewed - 05 December 2023Gibraltar (the Rock) is a peninsula situated at the southern tip of Spain, facing the northern coast of Africa and dominating the western entrance to the Mediterranean. Gibraltar's strategic importance has given it a long and eventful history and an influence on world events.
The Rock now has approximately 30,000 inhabitants. English is the official language, but most Gibraltarians are bilingual in English and Spanish. The currency is the Gibraltar pound (GIP), which is equal to the British pound (GBP).
On 31 January 2020, Gibraltar, together with the United Kingdom (UK), left the European Union (EU). The subsequent transition period ended on 31 December 2020. Negotiations about the United Kingdom's and Gibraltar’s future relationship with the European Union are currently ongoing.
Gibraltar's economy is based on services, the drivers of which have changed dramatically as a result of the significant reduction of the Ministry of Defence establishment and the military base. Traditionally, the local labour force had, in the main, provided support services to the Ministry of Defence, augmented by the retail sector and tourism. Developments over the last 20 years, in particular, have shifted the economic drivers from public to private sector control.
The main sectors of the economy today are financial services, e-online gaming, tourism, a vibrant retail shopping district, and port services, including ship repair and ship conversion. Gibraltar has also positioned itself in recent years as a leading FinTech jurisdiction, being one of the first jurisdictions globally to introduce specific Distributed Ledger Technology Regulations.
Constitutionally, Gibraltar is an overseas territory of the United Kingdom with internal self-government, except in matters of defence, internal security, and foreign affairs, which are the responsibility of the United Kingdom. The legal system is based on English Common Law as well as on local statute.
PwC has been practising in Gibraltar for over 50 years. It is the largest accountancy firm in Gibraltar, with approximately 100 partners and staff. Our tax experts provide advice to a range of businesses in relation to current tax issues and developments, tax planning, and tax compliance.
Quick rates and dates
| Corporate income tax (CIT) rates | |
|---|---|
| Headline CIT rate (%) |
12.5% from 1 August 2021 (10% up to 31 July 2021). Utility and energy providers and corp.'s abusing a dominant position pay a rate of 20%. |
| Corporate income tax (CIT) due dates | |
|---|---|
| CIT return due date |
CIT returns are due nine months after the date of the company's financial year end. |
| CIT final payment due date |
The final balance (being the actual tax liability less any payments made on account) is due by the date of filing the return (i.e. nine months after the date of the company's financial year end). |
| CIT estimated payment due dates |
Companies are required to make payments on account of future liabilities by 28 February and 30 September in each calendar year. |
| Personal income tax (PIT) rates | |
|---|---|
| Headline PIT rate (%) |
Lower of the Allowances Based system (16% - 41%) and Gross Income Based system (7% - 30%). Maximum effective tax rate of 27%. |
| Personal income tax (PIT) due dates | |
|---|---|
| PIT return due date |
30 November |
| PIT final payment due date |
30 November |
| PIT estimated payment due dates |
PAYE for emoluments. Two equal instalments on 31 January and 30 June for other income. |
| Value-added tax (VAT) rates | |
|---|---|
| Standard VAT rate (%) |
NA |
| Withholding tax (WHT) rates | |
|---|---|
| WHT rates (%) (Dividends/Interest/Royalties) |
NA |
| Capital gains tax (CGT) rates | |
|---|---|
| Headline corporate capital gains tax rate (%) |
NA |
| Headline individual capital gains tax rate (%) |
NA |
| Net wealth/worth tax rates | |
|---|---|
| Headline net wealth/worth tax rate (%) |
NA |
| Inheritance and gift tax rates | |
|---|---|
| Headline inheritance tax rate (%) |
NA |
| Headline gift tax rate (%) |
NA |
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