Gibraltar: Draft legislation implementing Pillar Two global minimum tax rules
Top-up tax would apply for financial years starting on or after December 31, 2023
Draft legislation implementing the Pillar Two global minimum tax rules in Gibraltar was published.
The bill confirms a 15% minimum tax rate for purposes of the top-up tax which would apply to multinational enterprise (MNE) groups and domestic groups meeting the revenue threshold for financial years starting on or after December 31, 2023.
The bill would also introduce an income inclusion rule (IIR) that would apply for financial years starting on or after December 31, 2024.
Read a December 2024 report prepared by KPMG’s EU Tax Centre