Gibraltar Location

5.1 Changes for 2016-17

The principal changes for tax year 2016-17 are as follows.

5.1.1 Corporate Tax
5.1.2 Personal tax

Gross income based system: No changes have been made to the tax bands, tax rates or allowances available under the gross income based system.

Allowance-Based System

5.1.4 Other changes
Tax Amnesty

The tax amnesty announced in last year’s budget is to be re-introduced for a further six months from the date of the 2016 Budget (5 July 2016), but with a tax rate applying of 7.5% (previously 5%). The amnesty has also been extended to include the value of assets purchased abroad (previously the amnesty only applied to funds brought back to, and deposited in, Gibraltar).

Import Duties

The following table indicates the changes made to import duties.

Spectacles, spectacle lenses and contact lenses From 6 % / 12% to 0%
Fizzy and other soft drinks (other than fruit juices or milk-based drinks) with sugar content of above 5 grams per 100 ml; sugars, sweeteners used for sweetening drinks produced locally From 0% to 10%
School satchels From 6% to 0%
Nappies & nappy liners for babies, sanitary towels & tampons From 12% to 0%
Electronic equipment, propellers and related spare parts for use on boats From 12% to 0%
Sails From 3% to 0%
Waterpipe tobacco From 12% to £3.00 per kg