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Gibraltar

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About

Gibraltar

Capital
Official languages
Population 
Currency

ISO 4217

Gibraltar City

English and Spanish

33,000

Gibraltar Pound

GIP

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Economy

"Gibraltar is a small British Overseas Territory located on the southern coast of Spain. It is a major financial center and has a thriving economy. According to the World Bank, Gibraltar’s GDP in 2019 was estimated to be $2.2 billion, with a GDP per capita of $45,000. This is significantly higher than the average GDP per capita of the European Union, which was estimated to be $37,000 in 2019.

Gibraltar’s economy is largely based on financial services, tourism, and shipping. The financial services sector accounts for around 25% of the economy, while tourism and shipping each account for around 15%. The government of Gibraltar also plays an important role in the economy, contributing around 10% of GDP.

Gibraltar has a low unemployment rate of around 2.5%, which is significantly lower than the EU average of 6.2%. The country also has a low inflation rate of 1.2%, which is lower than the EU average of 1.7%.

Gibraltar has a strong and stable economy, and is a major financial center in the region. It has a high GDP per capita, low unemployment rate, and low inflation rate, making it an attractive destination for businesses and investors."

Taxation

Gibraltar is a British Overseas Territory that has its own tax system, which is separate from that of the United Kingdom.


Corporate Taxation:

Companies registered in Gibraltar are subject to a corporate tax rate of 10%. However, companies that are engaged in certain activities, such as banking or insurance, may be subject to higher tax rates.


Personal Taxation:

Individuals who are resident in Gibraltar are subject to income tax on their worldwide income. The tax rates for individuals range from 6% to 28% depending on their income level.


Tax Payment Process:

The tax year in Gibraltar runs from 1st July to 30th June of the following year. Both individuals and corporations are required to file their tax returns annually, with the deadline for filing being in November of the same year.


Taxpayers can make their payments at any authorized bank or online through the Gibraltar Income Tax Office website. In addition to income tax, taxpayers may also be subject to other taxes such as stamp duty, value-added tax (VAT), and social insurance contributions.


In summary, the tax system in Gibraltar is based on a corporate tax rate of 10% for companies, with some exceptions, and a progressive income tax system for individuals, with tax rates ranging from 6% to 28%. The tax year runs from July 1st to June 30th with the deadline for filing tax returns being in November of the same year. Taxpayers can make their payments at any authorized bank or online through the Gibraltar Income Tax Office website.

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