NEW REQUIREMENT FOR ALL GIBRALTAR COMPANIES TO FILE ACCOUNTS AND TAX RETURNS
JOHN BOLSTER / Group Management Accountant
On 1 January 2016, Gibraltar's income tax rules changed and a new requirement was introduced for all Gibraltar companies to file accounts and tax returns with the Gibraltar Tax Office. Previously, a company was only required to file accounts and tax returns if it had income assessable to tax in Gibraltar. Small companies need to submit only an Abridged Balance Sheet with the tax return.
There are a number of tax advantages for filing tax returns. The company will be issued with a Tax Identification Number ("TIN") which is useful for demonstrating to the Taxation authorities that a company is registered for tax purposes. A TIN can also be helpful when the company is opening a bank account or making an investment.
Fiduciary offer a comprehensive range of company and trust services including preparation of tax returns starting from £75, as well as accounting services. If Fiduciary prepare your Gibraltar company's financial statements, we will automatically file a Gibraltar tax return. Please contact your Manager for further information.
You can see the full breakdown of the type of accounts which need to be filed with the tax return here.
LIMITED LIABILITY PARTNERSHIPS COMMENCEMENT
HM Government of Gibraltar commenced legislation on 24 March 2016, providing for Limited Liability Partnerships. Minister for Financial Services, Albert Isola, described the LLP Act as an excellent addition to the growing suite of new and refreshed legislation, commenting: "The legislation significantly increases the ability of local practitioners to provide first class solutions to their local and international clients." Read the full overview by Jonathan Garcia, Senior Associate at our associated law firm ISOLAS, here.
J. SAFRA SARASIN TO BUY CREDIT SUISSE UNITS IN MONACO & GIBRALTAR
Swiss private banking group J. Safra Sarasin described the acquisitions as "an excellent strategic fit" to their existing business in these markets which will allow them to extend their reach in these attractive private banking jurisdictions.
BULGARIA JOINS CANADA, ITALY & POLAND IN REMOVING GIBRALTAR FROM 'TAX HAVEN' LIST
The Gibraltar Government this month announced that, following intensive lobbying by Minister for Financial Services, Albert Isola, and the team at Gibraltar Finance, Bulgaria has prepared an amendment to its Corporate Income Tax Law to remove Gibraltar from its list of countries with preferential tax regimes. "I am delighted with this result following our recent successes with Canada, Estonia, Italy, Latvia and Poland," said Mr Isola. "We will continue to press the remaining very small number of EU Member States to delist Gibraltar as soon as possible given that we have exchange of information mechanisms for tax purposes, to the OECD standard, with all EU Member States as well as a further fifty countries around the world."
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