The Gibraltar Budget 2009

The economy

The Gibraltar tax year runs from the 1^st July to 30th June and on 25 June the Chief Minister Peter Caruana delivered his budget speech to reflect on the performance of the Gibraltar economy and set out the Government's budget proposals for the fiscal year ending 30 June 2010.

He was pleased to announce that whilst the global economy was in turmoil from the fallout of the credit crunch the Gibraltar economy although not immune from world events had held up remarkably well. In fact the local economy continued to grow together with the jobs available in the local economy.

In order for the economy to continue on a sustained and stable course the government announced plans to retain and attract local business by making changes to adopt a new attractive but EU compliant low corporate tax environment. The previous hurdle in the way of bringing this change was the pending EU tax case which questioned Gibraltar's right to determine its own corporate