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
2.
Special regimes
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
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.

For more information about this answer please contact: Emma Lejeune from ISOLAS
2.2
Is relief available for corporate reorganisations or intra-group transfers of companies and other assets? Please include details of any participation regime.
 
Gibraltar
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.

For more information about this answer please contact: Emma Lejeune from ISOLAS
2.3
Can a taxpayer elect for alternative taxation regimes (eg, different ways to calculate the taxable base, such as revenue-based versus profits based or cash basis versus accounts basis)?
 
Gibraltar
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.

For more information about this answer please contact: Emma Lejeune from ISOLAS
2.4
What are the rules for taxing corporates with different functional or reporting currency from that of the jurisdiction in which they are resident?
 
Gibraltar
The foreign currency must be converted into local currency (pounds sterling) when computing the taxable profits of the company.

For more information about this answer please contact: Emma Lejeune from ISOLAS
2.5
How are intangibles taxed?
 
Gibraltar
Intangible assets are not subject to taxation in Gibraltar.

For more information about this answer please contact: Emma Lejeune from ISOLAS
2.6
Are corporate-level deductions available for contributions to pensions?
 
Gibraltar
Employer contributions to an approved pension scheme are allowable as a tax-deductible expense.

For more information about this answer please contact: Emma Lejeune from ISOLAS
2.7
Are taxpayers from different sectors (eg, banking) subject to different or additional taxes or surtaxes?
 
Gibraltar
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.

For more information about this answer please contact: Emma Lejeune from ISOLAS
2.8
Are there other surtaxes (eg, solidarity surtax, education tax, corporate net wealth tax, remittance tax)?
 
Gibraltar
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.

For more information about this answer please contact: Emma Lejeune from ISOLAS
2.9
Are there any deemed deductions against corporate tax for equity?
 
Gibraltar
No.

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