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.
Start by selecting your Topic of interest below. Then choose your Regions and finally refine the exact Subjects you are seeking clarity on to view detailed analysis provided by our carefully selected internationally recognised experts.
Results: 4 Answers
Corporate Tax
6.
Compliance
6.1
What are the deadlines for filing company tax returns and paying the relevant tax?
 
Gibraltar
Companies must file their tax returns within nine months of their financial year end. Two tax payments on account must be made in each year, by 28 February and 30 September, and each payment on account should be 50% of the tax paid for a relevant accounting period as defined in tax legislation. The final tax payment should be submitted with the company’s tax return and should equal the amount of the tax liability for that year less the two tax payments made on account.

For more information about this answer please contact: Emma Lejeune from ISOLAS
6.2
What penalties exist for non-compliance, at corporate and executive level?
 
Gibraltar
Penalties are imposed if tax is not paid or if returns are not filed by the due dates. For late payment of tax, there is a penalty of 10% of the amount of tax due on the day immediately after such payment was due. If unpaid for 90 days, a further amount of 20% of the tax due is charged. Failure to file a return by the due date will result in a penalty of £50, with a further penalty of £300/£500 if the return is not submitted within three/six months respectively of the due date.

For more information about this answer please contact: Emma Lejeune from ISOLAS
6.3
Is there a regime for reporting information at an international or other supranational level (eg, country-by-country reporting)?
 
Gibraltar
Where the Gibraltar entity is a member of a multinational enterprise (MNE) group which has consolidated turnover of over €750 million, the Gibraltar entity must notify the commissioner of income tax of the identity and jurisdiction of tax residence of the entity that will file the country-by-country reporting on behalf of its MNE group within nine months of its financial year end.

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