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Business consulting services
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
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Business process solutions
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
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Business risk services
The relationship between a company and its auditor has changed. Organisations must understand and manage risk and seek an appropriate balance between risk and opportunities.
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Cybersecurity
As organisations become increasingly dependent on digital technology, the opportunities for cyber criminals continue to grow.
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Forensic and investigation services
At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
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Mergers and acquisitions
Globalisation and company growth ambitions are driving an increase in M&A activity worldwide. We work with entrepreneurial businesses in the mid-market to help them assess the true commercial potential of their planned acquisition and understand how the purchase might serve their longer- term strategic goals.
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Recovery and reorganisation
Workable solutions to maximise your value and deliver sustainable recovery
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Transactional advisory services
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
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Valuations
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
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IFRS
The International Financial Reporting Standards (IFRS) are a set of global accounting standards developed by the International Accounting Standards Board (IASB) for the preparation of public company financial statements. At Grant Thornton, our IFRS advisers can help you navigate the complexity of financial reporting from IFRS 1 to IFRS 17 and IAS 1 to IAS 41.
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Audit quality monitoring
Having a robust process of quality control is one of the most effective ways to guarantee we deliver high-quality services to our clients.
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Global audit technology
We apply our global audit methodology through an integrated set of software tools known as the Voyager suite.
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Corporate and business tax
Our trusted teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
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Direct international tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
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Global mobility services
Through our global organisation of member firms, we support both companies and individuals, providing insightful solutions to minimise the tax burden for both parties.
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Indirect international tax
Using our finely tuned local knowledge, teams from our global organisation of member firms help you understand and comply with often complex and time-consuming regulations.
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Innovation and investment incentives
Dynamic businesses must continually innovate to maintain competitiveness, evolve and grow. Valuable tax reliefs are available to support innovative activities, irrespective of your tax profile.
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Private client services
Our solutions include dealing with emigration and tax mitigation on the income and capital growth of overseas assets.
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Transfer pricing
The laws surrounding transfer pricing are becoming ever more complex, as tax affairs of multinational companies are facing scrutiny from media, regulators and the public
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Tax policy
Tax policies are constantly evolving and there are a number of complex changes on the horizon that could significantly affect your business.
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Outsourcing Changes to the Outsourcing legislation, specifically when offshoringSignificant changes to the dynamic of the financial services sector in recent years have shifted the paradigms in how we work. The increased digitisation of the workforce, changes in business models, globalisation, and remote working capabilities have led to a new approach to the delivery of services.
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Asset management Inflation and tax planningThe recent onset of rapid inflation is an unwelcome development that is having a widespread impact on US businesses and tax planning.
Indirect tax snapshot
Please click on each section to expand further:
In Gibraltar there is no Value Added Tax (VAT).
The principal indirect taxes are import and excise duties, stamp duty and gaming duty.
Import and excise duties
Gibraltar does not apply VAT but most goods imported into Gibraltar are subject to import duty at varying rates.
Motor vehicles, for example, attract duty at different rates, depending on the type and size of the engine and whether it is a dealer or private importation.
The most noticeable exceptions are food, tobacco and alcohol, which are subject to a fixed amount of duty regardless of the value.
There are goods that are exempt from import duty. Among these are gold bullion, classic cars (subject to conditions), electronic devices (portable computers, TVs), mobile phones, software, LED lighting, musical instruments, electrical audio, visual, sports and educational equipment, recycled stationery and writing materials, yachts and electronic equipment and propellers for use on boats.
Gibraltar also imposes an excise duty on several products, such as alcohol, tobacco and mineral oils.
Stamp duty
Stamp duty is payable in Gibraltar on the sale or transfer of any Gibraltar real estate or shares in a company owning Gibraltar real estate, currently at the following rates:
Purchase price of GBP 200,000 or less – Nil.
Purchase price between GBP 200,001 and GBP 350,000 – 2% on the first GBP 250,000 and 5.5% on the remaining balance.
Purchase price over GBP 500,000 – 3% on the first GBP 350,000 and 3.5% on the remaining balance.
For first and second time home buyers, there is no stamp duty payable on the first £260,000 of the purchase price, irrespective of the total cost of the property. Balances above GBP 260,000 (up to GBP 350,000) and above GBP 350,000, attract stamp duty at 5.5% and 3.5% respectively.
There is no stamp duty on transfers of properties between spouses.
Stamp duty is payable on mortgages secured on Gibraltar properties at the rate of 0.13% for mortgages of GBP 200,000 or less and 0.20% for mortgages over GBP 200,000.
Gaming duty
Gaming duty is levied at 0.15% of gross profits or gaming yield of licensees (bookmakers, betting intermediaries or gaming operators).
The first GBP 100,000 of the operator’s gross profits or gaming yield is exempt.
Import and excise duties are paid upon importation or as established by HM Customs Gibraltar. Stamp duty is paid upon execution. Gaming duty is paid quarterly by the licensed entities.
Not applicable. As per 1. above.
Not applicable.
Not applicable. As per 1. above.
The gaming licensee is required to produce and file audited accounts with the Licensing Authority during the license period and maintain financial records in accordance with the applicable law. It is required to meet all its taxation and filing requirements as set out in the Gambling Act 2005 and Companies Act 2014 respectively.
Yes. Penalties can be imposed by the pertinent authorities for late filings and payments.
As per 6. above.
Yes. A range of penalties can be imposed by the pertinent authorities where businesses / licensees fail to comply with any of the rules and regulations as set out in the relevant legislations.
Loss of licence and legal proceedings may be brought in the case of serious offences.
Not applicable. There is no VAT in Gibraltar.
Not applicable. There is no VAT in Gibraltar.
Not applicable. There is no VAT in Gibraltar.
Contact us
For further information on indirect tax in Gibraltar please contact:
Marisa Perera |
