Income Tax 2010-21 - Gibraltar

1 Income Tax Government of Gibraltar ( ) 2010 -21 Income TAX ACT 2010 Principal ActAct No 2010 -21 Commencement ( ) currentprovisionsCommencementdateAct. 2011-11s. 2012/129ss. 71, Sch. 5 & 2012-14ss. 39(3), (4)(a) & Sch. 2013 to 74(a) & (b) & Sch. (2), (3)(a), (5) & 1, 3, ,Sch. 3, ,30(1), (1), Schs. 3, 77, 30(1)(b), (bb), Sch. 6, 6A,18A,19,30(1)(b), (c),31,31A,32,32A,33,34,39(1)(b), (2),(4), (5), (6), (8),41(10),56A,59,59A,60,63,63A,64(1)(b) , (c),65,65A-65F,67(2),68, Schs. 3, 7, 9, ,29(1),(3) (1) 2015/239ss. 5A(3), (5), (5A), 5D(5), 5F, 5D(5), 5A(6)(b), 5B(2A), 5E(8), 5F(1),(2)(b), 3, Part 2017-04ss.

2 12A, 13A, 28(1), (8)-(12), 74, , of corrigendum see LN. 2013/0112 Notice of Commencement see LN. 2017/069 Income Tax Government of Gibraltar ( ) 2010 -21LN. 2017/101ss. 5E(8), 5F(1),(2)(b),PART of sourcesNone citedTransposing:Directive77/799/EECD irective 2011/16/EUDirective 2011/96/EUDirective 2013/13/EUDirective 2014/86/EUDirective (EU) 2015/121 Council Directive (EU) 2015/2376 Council Directive (EU) 2016/881 Council Directive(EU)2016/2258EU Legislation/International Agreements involved: Income Tax Government of Gibraltar ( ) 2010 -21 ARRANGEMENT OF title and requests from or to Member of information about foreign exchange of information with Member cooperation with tax authorities of Member experience of tax cooperation with Member Directive: of operation ofexchange of Powers: International obligations under exchange ofinformation Powers: Implementation and enforcement of theCooperation on etc.

3 Of with warrant to obtain of cross-border rulings and pricing of cross-border toexchange to be of of of 1B-Country by Country MNE Tax Government of Gibraltar ( ) parent entity entity parent entity by country and manner of by which country by country reports are to be for failure to comply with for failure to comply with to be disregarded in relation to liability to of against for increased daily default of of information by of II-Charge to charge to of of Foundation of of of certain imported from another country, territory or in connection with a statutory III-Computation of of assessment-persons other than of or profits of.

4 Power to make from occasional presence in of trade of trading stock on discontinuance of trade, to shareholders or connected of purchased life IV-Rate of taxation and of , allowances, to charity by Tax Government of Gibraltar ( ) of Rules before Parliament and effect of payers other than companiesto make to make time limit of six years for making to make enquiries on of falsification etc. of documents inrelation to a noticeunder section procedure where no return is , amended and discovery of assessments and for postponement of tax in respect of foreign tax to be final and V-Payment of within which payment is to be of for clearance in of exercise of anti-avoidance provisionsPart VII-Chargeability of and acts to be done by agents and of trustees and other of agent of non-resident to be done by trustees and certain of to appoint of wound VIII-Assessment and and defects in assessments.

5 As You to be made by for failure to deliver return made by Tax Government of Gibraltar ( ) of tax of individuals employed but not domiciled orordinarily resident in from payments to construction in respect of : provision of off of Tax of of tax through employers and , surcharges, penalties and to keep and preserve records and books of for failure to keep and preserve surcharge on late for failure to comply withrequirements on for failure to comply with requirements on certain for failure to comply with requirements on certain noticesand for failure to comply with requirements under where no penalty is specifically provided by this to comply with requirement or for false returns.

6 S of details of failure to of taxation through the for criminal Union to make of Rules before Parliament and effects of , amendmentsand transitional penalty charge during of 1 HEADS OF CHARGET able A(1)Trade, business, profession or Tax Government of Gibraltar ( ) 2010 -21(2) Income from BEmployment and self COther incomeClass 2 Funds 3 Income from 4 Pension, charge or annuity 5 Sweeping up 2 THE Income TAX TRIBUNALPart of of of of in to vary to summons IV-Appeal to Supreme CourtIncome Tax Government of Gibraltar ( ) to Supreme of of notices 3 RULES FOR ASCERTAINING PROFITS OR GAINSPart of profits or not to be included in net to approved pension II-Capital 2-Industrial centres, mills, factories and similar 3 First Year and year allowance other than computer year allowance-computer period for first year 4-Written down Tax Government of Gibraltar ( )

7 2010 -21 Chapter 5-Hire bought on hire III Additional definition of Income -interest as a trading definition of Income -interest as a trading IComputation of profits or gains IITransactions with connected with connected of interest paid on certain secured of dual employment from Paragraphs 2 and 4 to IVTransfer of assets of avoidance of Income Tax Government of Gibraltar ( ) of from Paragraphs 12 and of Paragraphs 12 to duplication of 5 Part IParent and Subsidiary Company and subsidiary IITaxation applicable to Interest and Royaltypayments made between associated companies ofdifferent Member of of of provisions for certain for establishing permanent establishment as for establishing identity of beneficial of payer and beneficial owner.

8 Of to be provided in a request under Paragraph where conditions for exemption cease to be of tax not by company of tax APart IArticle 3(a) of Directive 2003/49 IIAnnex to Directive 2003 6 Income Tax Government of Gibraltar ( ) 2010 -21 MISCELLANEOUS COMPANY TAXATION PROVISIONSPart 1 Tax at the higher rate on Tax at the higher of the Tax at the higher of to to to to to II-Taxation on companies who abuse a dominant 7 BENEFITS IN KINDC hapter of director and full-time working director . of material interest in a meaning of control . of close company.

9 Chapter 2 Taxable benefits: Expense paymentsIncome Tax Government of Gibraltar ( ) in respect of benefits; vouchers and credit vouchers to which this Chapter vouchers to which this Chapter of a credit token treated as for money, goods or services 4 Living accommodation to which this Chapter provided for performance of of living accommodation treated as equivalent: accommodation provided for more than of annual value . as to annual of the property .Chapter 5 Cars, vans and related of car and van . of when car or van is available to for private alternative to benefit of car of car treated as of calculating the cash equivalent of benefits of 6 Taxable benefits; to which this Chapter of taxable cheap loan treated as Tax Government of Gibraltar ( ) for loans where interest qualifies for tax for certain advances for necessary of cash equivalent in case of joint loan, released or written off or made to directors; amounts treated of charge after death of 7 Taxable benefits.

10 Residual liability to of cash equivalent where car is equivalent of benefit treated as of the benefit; basic ofthe benefit; asset made available without of the benefit; transfer of used or depreciated of annual rental value. of market value . of persons providing benefit . to exempt to non-approved personal pension for restrictive consideration given for restrictive parties and 8 Exemptions; removal benefits exemption of removal benefits and expenses; benefits and expenses to which this Chapter applicable to change of of the limitation day . of the employment change.