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 on 30 June 2014 and the budget measures contained therein.
- The standard rate of tax for individuals is reduced to 20%.
- The standard rate of tax for Trusts is reduced to 10%.
- £250,000 Fund established to support the development of new start-ups in Gibraltar.
- For new start-up companies in Gibraltar there is a discount of Rates of 65% for their first year of trading.
- National wage increased to £6.11.
- Import duty on all forms of artwork, musical instruments, writing implements, mobile phones and sunglasses is reduced to zero (0%).
- Import duty on pleasure craft, yachts and other seagoing vessels, under 18 metres in length, including jet-skis and kayaks, is reduced from 6% to zero (0%).
- Import duty on jewellery items reduced from 12% to 4.5%.
- Employee Jobs increase by 6.5%.
- Passenger tax at the Gibraltar International Airport is abolished for passengers who are joining vessels in Gibraltar.
- Any vessel calling at the Eastern Anchorage (EA) of Gibraltar in order to take on provisions, spares, stores, or to carry out crew changes will receive a 75% discount on tonnage dues.
- Ships anchoring in the Western Anchorage (WA) of Gibraltar whose main purpose is bunkering, will receive a 75% discount on tonnage dues.
NOW is an excellent time to consider the international business benefits of establishing a Gibraltar-based business.
To read the full summary of the budget here.