Gibraltar is mulling to increase the statutory corporate tax rate from 12.5 percent to fifteen percent.
In his 2024 budget speech delivered on July 1, Gibraltar’s Chief Minister Fabian Picardo said that the increase in the corporate tax rate will put Gibraltar at the forefront of the international agenda on corporate taxation.
Meanwhile, the government is aiming to introduce, by the end of this year, a top-up tax proposed by the OECD as part of the two-pillar plan to address the tax challenges of the digital economy.
Draft legislation in this regard will be published in September, at which point a wider consultation will be undertaken with relevant stakeholders.
The government is looking to implement the Income Inclusion Rule in 2025.