Contact Us

+350 20079000 info@hassans.gi

This data will only be used by Hassans for processing your query and for no other purpose. View our privacy policy
| 1 minute read

Gibraltar corporation tax set to rise to 12.5%

­Today Fabian Picardo, announced that Gibraltar corporation tax is set to rise from 10% to 12.5%.

The Chief Minister set this in the context of the Global Minimum Tax Rate Pillar 2 proposal from the OECD to which Gibraltar agreed in June and a fiscally difficult landscape stemming from the Covid pandemic. Mr Picardo explained that if the global minimum rate mandated a minimum rate of 15% across the globe then such a change would be less troublesome if an interim rate of 12.5% was adopted.

Hassans understand that there will be many questions arising from this change. What is clear from his statement is that at this time the tax base applicable to corporate entities will not be amended to alter the territorial basis of taxation which has been a feature of Gibraltar's tax system since the 1950s.

What is certain is that in such difficult economic times tax increases are inevitable and Hassans is happy to assist its clients understand the changes as regulations are published in the coming days. The tax pages on our website with be updated with all the details shortly.

Gibraltar corporation tax is set to rise from 10% to 12.5%. www.gibraltarlaw.com/...

Top-ranked in all practice areas in Legal 500 EMEA 2024

Hassans is pleased to announce that it has once again achieved top tier rankings in all areas covered by Legal 500 EMEA for Gibraltar....

Posted on
Read more

Latest Insights

Upcoming compulsory pensions deadlines for Medium, Small and Micro companies

As many employers will be aware, following the enactment of the Private Sector Pensions Act 2019 (“the Act”), which came into force in...

Posted on
Read more

Ethical Gambling Forum 2024

The Ethical Gambling Forum 2024 was held at the Sunborn Hotel, Gibraltar, last week attended by gambling operators and service providers...

Posted on
Read more

Insurance and Reinsurance Comparative Guide

Hassans' Head of Insurance Yvonne Chu has contributed to Lexology's most recent Panoramic Guide relating to Insurance and Reinsurance. ...

Posted on
Read more