Gibraltar readies 10% rate of tax

A Budget announcement at the end of this month is likely to see the abolition of an international tax exempt regime which was introduced in 1967. The regime has meant most international companies with a presence in Gibraltar pay a 0% corporate tax rate. However, the newly proposed rate, scheduled to come into effect from July 2010, will see all companies paying a 10%. According to James Tipping, finance center director for Gibraltar, the proposal is in the latter stages of being drafted by a working group committee. He says the phasing out of the 0% regime for international companies ...