New Tax Measures July 2005

Helped by more than £4 million in tax revenues from the burgeoning internet gaming companies, and several "one-off" property development deals, Gibraltar's fiscal accounts remain healthy and the economy continues to forge ahead. This is apparent in the record of revenue and expenditure presented by the Government with this year's Budget.

Although clearly there are pressures on the Gibraltar's fiscal resources, a small surplus of slightly less than £3 million achieved in the 2004/05 financial year, has allowed the Government to introduce several tax concessions, some of which will appeal to both local and overseas investors.

New concessions on savings and on income from investments should help reduce the effects of some of the continuing uncertainty surrounding the final outcome of a legal ruling on the Rock's proposed new measures on corporate taxes.