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Gibraltar 2024 Budget Address Delivered Including 15% Corporate Tax Rate and Plans for Pillar 2 Top-up Tax and Income Inclusion Rule

08 July 2024

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Proposed Changes

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Gibraltar

Gibraltar's Chief Minister Fabian Picardo delivered his 2024 Budget Address on 1 July 2024. The tax measures noted in the address are relatively limited and include confirmation that the corporate tax rate will be increased from 12.5% to 15%. As further detailed in the address from Minister for Justice, Trade and Industry, Nigel Feetham, by moving to a 15% corporate tax rate, Gibraltar is aligning with the OECD minimum corporate tax rate. Minister Feetham also confirmed that work is ongoing for the introduction of a qualifying domestic top-up tax by the end of 2024, with draft legislation expected by September....