Gibraltar

The corporate income tax rate in Gibraltar is set at 15% as of 1 July 2024, up from 12.5% previously. This rate applies to most corporations, although utility and energy providers, as well as corporations abusing a dominant position in the market, are subject to a higher rate of 20%.

Corporate income tax returns in Gibraltar are due nine months after the close of the company’s financial year. The final tax payment must also be made by this deadline, following any payments made on account throughout the year. Estimated payments are required by 28 February and 30 September to account for future liabilities.

Personal income tax in Gibraltar can be calculated using two different systems. The Allowances Based System applies rates between 14% and 39%, while the Gross Income Based System applies rates from 6% to 28%. The maximum effective personal income tax rate is capped at 25%.

Since 1 January 2020, Gibraltar has imposed a 15% exit tax on assets transferred out of the jurisdiction. This tax applies to situations where Gibraltar no longer retains the right to tax the transferred assets, such as when a business ceases its taxable presence in Gibraltar or relocates assets to another jurisdiction.

Gaming duty in Gibraltar is levied at a rate of 0.15% on the gross profits earned by bookmakers, betting intermediaries, and holders of gaming operator licenses. The first GBP 100,000 of gross profits is exempt from this duty.