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Articles

Gibraltar Released the New 2016 Budget

Written by: Bridgewest

Gibraltar-releases-new-2016-BudgetThe Gibraltar Government comes from releasing the reformed budget for 2016 which aims at reinforcing the country’s economic position in Europe. The new measures offer several tax facilities which will attract foreign investors to the Rock. If you want to open a company in Gibraltar, our company formation representatives can assist you.

 

The new Budget to stimulate the Gibraltar business environment

According to the Chief Minister who has prepared the new 2016 Budget, the measures included in the rectified document refer to the protection of Gibraltar residents, but most importantly, it was designed to attract foreign investors, to stimulate the creation of new companies and to transform the small territory into one of the most prolific commercial centers in the Mediterranean. It must also be noted that in last several years, Gibraltar has had an annual average economic growth of 10% leading to surpluses to the budget which can now be put to good use.

New data shows the Gross Domestic Product (GDP) exceeded the 1.65 billion pounds forecasted for the year of 2105/2016 and the number of jobs also increased by 6.6% during 2015 and the first half of 2016. The revenue of the Government also increased by 14.78%.

New budgetary measures for companies in Gibraltar

The new 2016 Budget comes with great news for companies operating in the Rock, but also for those seeking to open a company in Gibraltar. Among the measures to support the development of the business environment are:

  • -          telecommunication companies will benefit from a corporate tax rate of 10% applicable to the profits made on other activities than the telecom trade;
  • -          the extension of the tax amnesty program with 6 months;
  • -          the new tax incentives for start-up companies with a maximum number of 5 employees.

Under the new scheme, start-ups can benefit from a tax credit of 50,000 pounds per year for their first three years. The program is available for companies registered by the end of June 2017. Several import duties have also been reduced.

If you want to know all the measures comprised in the 2016 rectified Budget, please feel free to contact our company registration consultants in Gibraltar. Our agents can also assist you in starting a new business in Gibraltar.

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