Gibraltar legal and accounting and tax considerations in 2024

1. Resident companies registered in Gibraltar suffer a corporate tax rate of 12.5%;
2. There are no VAT requirements in Gibraltar;
3. Tax losses can be carried forward for up to three years for a company formed in Gibraltar;
4. There are no withholding taxes in Gibraltar. Consequently, payments including: i) dividends ii) interest and iii) royalties are fully tax exempt;
5. Gibraltar companies are always required to submit financial statements to the Gibraltar Income Tax Office within nine months after the end of their financial year. Audit is also mandatory if the company has annual sales over £500,000;
6. There is no capital gains tax imposed in Gibraltar;
7. Social security contributions are payable weekly and are capped at £36.50;
8. Personal income taxation is formed under two progressive regimes, depending on income – with the cap at 25%;
9. Gibraltar has not signed any bilateral double-tax agreements. However, 27 Tax Information Exchange Agreements (TIEAs) are signed under the OECD’s legislation.
10. Finally, for a successful company formation, Healy Consultants will assist the Client with: i) Documenting and implementing accounting procedures ii) Implementing financial accounting software iii) Preparing financial accounting records iv) Preparing forecasts, budgets, sensitivity analysis and other services;
11. It is important our Clients are aware of their personal and corporate tax obligations in their country of residence and domicile; and they will fulfill those obligations annually. Let us know if you need Healy Consultants Group’s help to clarify your annual reporting obligations.