Reforms to the Income Tax Act 2010
A parliamentary statement on 24 January 2024 announced reforms to the income tax law (Income Tax Act 2010 (ITA 2010)):
The Gibraltar Government on 1 February 2024 published the bill text [PDF 104 KB], which provides that the reform applies to a “person” and not just companies and to accounting periods commencing on or after 1 February 2024.
The legislation was passed into law by parliament on 26 March 2024. Read the Income Tax (Amendment) Act 2024
Interest income (or amounts similar or equivalent to interest) received by insurance companies or DLT firms, which previously may not have been subject to tax in Gibraltar, would now be treated as trading income and included in the computation of profits of a company for tax purposes.
Darren Anton I darren.anton@kpmg.gi
Charles Hocking I charles.hocking@kpmg.co.uk