On 22 June 2015, Gibraltar’s Chief Minister presented the 2015 Budget. Key tax proposals include:
- A deduction against profits of 150% of the costs of training employees with a view to obtaining a ‘qualifying qualification’.
- No change to rates of corporation tax or social insurance contributions: Employer’s contributions in respect of employees’ second employment are to be abolished, provided full contributions are already made in Gibraltar in respect of that employee. There is also a proposal for a social insurance credit of £100 per employee for companies with 10 or less employees or new companies with up to 20 employees in the first year of operation.
- A tax amnesty for six months in respect of funds held abroad on which tax should have been paid in Gibraltar: Under the amnesty, individuals will be required to pay 5% of the total amount remitted to Gibraltar.