Gibraltar: Extension of tax relief measures (COVID-19)

Gibraltar: Extension of tax relief measures (COVID-19)

Further tax relief measures are intended to help businesses and individuals respond to the economic challenges of the coronavirus (COVID-19) pandemic.

1000

Related content

Among the relief provisions are extensions related to the following items (for prior coverage, read TaxNewsFlash):

  • Discounts for business rates (fees charged by the government) on commercial property—a 25% discount on rates that, when added to the early repayment discount already in place, allows businesses a possible total discount of 50% on business rates—will continue for the fourth quarter of 2020.
  • Government rents will continue to be reduced by 50% and private rents reduced by a 25% discount (note that this discount is only available to businesses in certain sectors). Additionally, all rental increases will continue to be suspended by the government until 1 April 2021.
  • Adjustments to import customs duties will continue until the end of the fourth quarter of 2020.
  • 20% of average “business employee assistance terms” payments (under a program to provide financial support assistance with regard to inactive employees) will continue for October and November 2020 for those firms that have been and are complying with all other relevant guidelines and rules.


For more information, contact a KPMG tax professional in Gibraltar:

Darren Anton | +350 200 48600 | darrenanton@kpmg.gi

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal