This is a summary of the state of the Gibraltar economy as set out more extensively in the Chief Minister’s full address to Parliament yesterday and the budget measures contained therein.
- Inflation stands at 1.8%, lower than the 2.75% average.
- GDP for 2015 represents a 10.3% growth, putting Gibraltar third on the World rankings.
- Gross public debt stands at £448 million, and is estimated to drop to £400 million by the end of the year.
- £30 million will be put into Community Care within Gibraltar.
- The Gibraltar Savings Bank has received deposits of over £1.1 billion in total.
- There will be import duty reductions on flooring and carpets, toys, hybrid cars,products for the elderly, marine engines and suitcases.
- Income tax that is payable on the first £4000 goes down from 15 to 14%, whilst tax on the next £12,000 goes down from 18 to 17%.
- There are allowance increases on spouses and civil partners, single parent families, house purchases,nurseries, children, the disabled, the blind ,senior citizens and medical insurance.
- Gibraltar will introduce a tax amnesty for those who have not yet declared income abroad.
- Civil servants and public sector workers in Gibraltar will be receiving a pay increase of 2.75% a year, or the rate of inflation.
- The minimum wage would be going up from £6.15 to £6.25.
The full 2015 Budget Speech by the Chief Minister can be read here.
Working in or from Gibraltar.
Gibraltar is part of the European Union and yet within close proximity to Africa. It is a low tax jurisdiction and is VAT free. It has no capital gains, estate duty, wealth, inheritance, gift or other capital taxes. Gibraltar has an International airport; excellent road and sea links into Europe and Africa. For more information on Gibraltar click here.
Working with Europa Trust Company Ltd.
Europa Trust Company Ltd is based in Gibraltar and for 30 years has built a reputation as a stable and reputable business. We provide a comprehensive range of company and trust formation and management services including company and trust administration, corporate directors, shareholders and secretaries, accounting, marine registration and other associated services. Europa Trust Company Ltd is able to work in over 31 jurisdictions around the World. We are licensed and regulated by the Financial Services Commission and ISO 27001 (Information Security Management Systems) and ISO 9001 (Quality Management Systems) certified.