The Chief Minister on 16 March 2020 announced a series of measures to help businesses in Gibraltar that have been affected by the coronavirus (COVID-19) crisis.
Most of these initial measures are aimed at businesses in the hospitality, leisure, distributive, and catering sectors. More measures are currently being reviewed and considered by the government. Further announcements are expected.
Employers in all sectors, during the second quarter of 2020, will be allowed to defer their payments of “pay as you earn” and social insurance (PAYE and SI) contributions by eight weeks from the due date. Any additional extensions will be expected to be considered by the government in consultation with businesses.
For businesses in the four sectors of hospitality, leisure, distributive, and catering that have been affected by restrictions imposed by the Gibraltar government in response to the coronavirus, the following measures will be introduced.
Import customs duties are waived until midnight on 30 April 2020 in respect of all classes of goods (except for the tobacco, fuel, and alcohol). This waiver will be reviewed by the government with business representative organisations before the end of April 2020.
To assist entities licensed by the Financial Services Commission with cash flow, fees payable in April 2020 for the entire year in advance will not be payable as a lump sum but instead the fees will be payable quarterly in advance.
In order to allow companies in the e-gaming and financial services sectors to relocate staff from overseas to cover any shortage of staff in Gibraltar, the government will introduce an online streamlined work permit and ETB process. ETB fees for all applications to register employees in all sectors will be removed for the second quarter of 2020.
For more information, contact a KPMG tax professional in Gibraltar:
Darren Anton | +350 200 48600 | firstname.lastname@example.org
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