On 5 July 2016, Gibraltar's Chief Minister Fabian Picardo delivered the Budget Address 2016. The main measures of the Budget include:

• Import duty on a number of goods is reduced to 0%, while a 10% rate will apply on sugary drinks and on sugar, sweeteners or other derivatives used for the sweetening of drinks;
• A new start-up incentive scheme is introduced in the form of a GIP 50,000 tax credit …