Gibraltar was one of the
first British dependent territories, which developed tax-exempt
corporate forms for offshore business. It has quite high internal
tax rates, but for incoming investment it offers low tax regimes.
It is probably the cheapest offshore jurisdiction in Europe.
Gibraltar is subject to much EU financial legislation and can
apply Common European Passport regulations
in the insurance, banking and fund management spheres. However,
Gibraltar has not implemented the Common Agricultural Policy (CAP),
indirect taxation (VAT) and Common external
tariffs. There are no capital gains taxes,
gift taxes nor wealth
taxes in Gibraltar. The main tax for companies is income tax,
as Gibraltar taxation system is similar to that of the United
Kingdom and is administered under the Income Tax Ordinance. There
are also property taxes and stamp duties on some transactions.
Assessment and collection of tax is administered by the Commissioner
of Income Tax; the tax year runs from 1 July to 30 June.
Companies take advantage of extremely favorable
business environment, which includes a number of offshore regimes
in order to reduce taxation. Gibraltar possesses and excellent
offshore business infrastructure, consisting of numerous sectors
- offshore banking, insurance, investment fund management, investment
holding companies. There is a good range of professional services
in Gibraltar, particularly for the banking, trust management and
mutual fund sectors.
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