2.1
What special regimes exist (eg, for fund entities, enterprise zones, free trade zones, investment in particular sectors such as oil and gas or other natural resources, shipping, insurance, securitisation, real estate or intellectual property)?
Gibraltar
Answer ... Generally, passive income is not taxable in Gibraltar. ‘Passive income’ is not defined under Gibraltar law, but income such as bank income, dividends from listed investments and capital gains - which, collectively, is commonly referred to as passive income - is specifically exempt from tax in Gibraltar.
Gibraltar
Answer ... In order to facilitate group restructuring, recent changes have been made to allow for the transfer of losses between group entities upon restructuring, provided that there is no change to the ultimate ownership or change of business within a period of three years.
Gibraltar
Answer ... The Gibraltar Companies Act requires the use of generally applicable accounting standards in the preparation of financial statements. Most Gibraltar companies use the UK Financial Reporting Standards issued by the Financial Reporting Council, as adopted by the Gibraltar Society of Accounts. Accounts are typically drawn up in accordance with generally applicable accounting standards, UK generally accepted accounting principles or International Financial Reporting Standards.
Gibraltar
Answer ... The foreign currency must be converted into local currency (pounds sterling) when computing the taxable profits of the company.
Gibraltar
Answer ... Intangible assets are not subject to taxation in Gibraltar.
Gibraltar
Answer ... Employer contributions to an approved pension scheme are allowable as a tax-deductible expense.
Gibraltar
Answer ... Companies with a banking or money lending licence earning interest as a trading receipt will have that interest treated as trading income, as opposed to interest income, and chargeable to taxation.
Gibraltar
Answer ... In relation to the construction industry, payments made to a subcontractor will be subject to a 25% withholding tax if the subcontractor does not hold a valid tax certificate. Gaming companies that are established in and operating from Gibraltar are also liable to pay gaming duty in accordance with the applicable rates set out in the relevant legislation.