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July 2007 Reduced Corporate Tax Rates According to Gibraltar's new budget, presented at the end of June 2007, there are significant changes regarding mainly Gibraltar's corporate tax rate. The corporate tax rate for resident companies would be reduced from 35% to 33% in 2007/8, to 30% in the year 2008/09 and to 27% in the year 2009/10. A new flat corporate tax rate of 10%-12% for all companies, resident and non-resident, is expected by 2010. in 2010, complying with the EU legislation, exempt companies would be phased out. From 1.7.2007 resident individuals can choose one of the 2 systems, the existing system which includes tax allowances, or the alternative system of paying tax on the gross income, having no allowances. The tax rates for the gross income are 20%-40%, 40% for income above 100,000 Pounds. Gibraltar's tax system, which is based on the UK laws, has some significant changes. In Gibraltar there is no V.A.T. no capital gains tax and no estate duty, gift or inheritance tax. Gibraltar is a small territory with an area of 8 square kilometers and a population of 28,750 people. |
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