The Gibraltar Government has welcomed the announcement by the G7 Minister of Finance on a global corporate tax rate, saying it provides clarity.
Gibraltar has a 10 per cent corporate tax rate.
Gibraltar’s GBC TC quoted a government official as saying that the agreement provides certainty and clarity in respect of minimum rates of corporate taxation in respect of multinational companies.
All matters related to the level of corporate and personal taxes in Gibraltar are traditionally set out by the Chief Minister and established in the Budget Session of Parliament each year, expected in July this year.
According to the GBC report, in setting rates going forward, the Gibraltar government says it will, as usual, consult widely with all affected industries as it determines and sets the right rate of taxation for Gibraltar, whilst always maintaining the best international practice and the highest standards of corporate transparency and accountability - something for which it claims the jurisdiction is now well-known and respected.