Gibraltar published the Income Tax (Allowances, Deductions and Exemptions) (Amendment) Rules 2025 on 20 February 2025, introducing amendments to the Income Tax (Allowances, Deductions and Exemptions) Rules 1992 in relation to the new global minimum tax rules introduced by the Global Minimum Tax Act 2024. The Global Minimum Tax Act 2024 implemented a Qualified Domestic Minimum Top-Up Tax (QDMTT) and an Income Inclusion Rule (IIR). The QDMTT applies to fiscal years beginning after 31 December 2023, while the IIR applies to fiscal years beginning after 31 December 2024. The new rules introduce an election that allows a Gibraltar Parent Entity...