Comparative Guides
Welcome to Mondaq Comparative Guides - your comparative global Q&A guide.
Our Comparative Guides provide an overview of some of the key points of law and practice and allow you to compare regulatory environments and laws across multiple jurisdictions.
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Results: 4 Answers
Corporate Tax
1.
Basic framework
1.1
Is there a single tax regime or is the regime multi-level (eg, federal, state, city)?
 
Gibraltar
Gibraltar has a single tax regime.

For more information about this answer please contact: Emma Lejeune from ISOLAS
1.2
What taxes (and rates) apply to corporate entities which are tax resident in your jurisdiction?
 
Gibraltar
The corporate tax rate is 10%, which is applied to the assessable profits of the company.  

For more information about this answer please contact: Emma Lejeune from ISOLAS
1.3
Is taxation based on revenue, profits, specific trade income, deemed profits or some other tax base?
 
Gibraltar
Taxation is based on profits (ie, assessable income after allowable expenses).

For more information about this answer please contact: Emma Lejeune from ISOLAS
1.4
Is there a different treatment based on the nature of the taxable income (eg, gains on assets as opposed to trading income or dividend income)?
 
Gibraltar
No, all assessable income is taxed equally. However, only certain classes of income are subject to taxation in Gibraltar and classed as assessable income. These include:

  • trade income;
  • inter-company loan interest income exceeding £100,000 per annum; and
  • royalty income.

Non-assessable income includes dividends and capitals gains.

For more information about this answer please contact: Emma Lejeune from ISOLAS
1.5
Is the regime a worldwide or territorial regime, or a mixture?
 
Gibraltar
Companies are taxed on a territorial basis of taxation, meaning that only income accrued in and derived from Gibraltar will be subject to taxation in Gibraltar

For more information about this answer please contact: Emma Lejeune from ISOLAS
1.6
Can losses be utilised and/or carried forward for tax purposes, and must these all be intra-jurisdiction (ie, foreign losses cannot be utilised domestically and vice versa)?
 
Gibraltar

Losses can be carried forward indefinitely, provided that:

  • there is no change to the ultimate ownership of the company; and
  • there has been no change of business within a period of three years.
Foreign losses cannot be utilised domestically.

For more information about this answer please contact: Emma Lejeune from ISOLAS
1.7
Is there a concept of beneficial ownership of taxable income or is it only the named or legal owner of the income that is taxed?
 
Gibraltar
The named or legal owner of the income will be taxed only.

For more information about this answer please contact: Emma Lejeune from ISOLAS
1.8
Do the rates change depending on the income or balance-sheet size of the taxpayer?
 
Gibraltar
No.

For more information about this answer please contact: Emma Lejeune from ISOLAS
1.9
Are entities other than companies subject to corporate taxes (eg, partnerships or trusts)?
 
Gibraltar
No, only companies are subject to corporate tax. Partnerships are tax transparent. Trusts and foundations are subject to income tax on any assessable income and charged at a rate of 10%. Individuals are also subject to income tax at applicable rates.

For more information about this answer please contact: Emma Lejeune from ISOLAS