Insurer and DLT Tax Bill passed in Gibraltar Parliament

26 Mar 24

The passage of the Tax Bill in Parliament (25 March 2024), with the support of the Opposition members, is an important moment in Gibraltar's tax policy landscape. The Act, which taxes certain income of insurers and Distributed Ledger Technology (DLT) businesses, reflects broad consensus on the need for equitable tax reforms to promote fiscal sustainability and economic resilience. 

Furthermore, the Minister of Justice, Trade and Industry, Nigel Feetham, has over the last month taken steps to enhance collaboration and information sharing among regulatory bodies and the Tax Office. 

Arecent MOU for the exchange ofinformation between theTaxOffice and theGamblingRegulator exemplifies this proactive approach, facilitating more robust enforcement oftax regulations within the gambling sector where necessary. 

Looking ahead, Minister Feetham has also initiated discussions for a similar exchange of information agreement between the Tax Office and the Financial Services Regulator (GFSC). 

Minister for Justice, Trade and Industry, Nigel Feetham KC MP, commented on the recent developments: "The responsibility for taxation has historically rested with successive chief ministers. However, the Chief Minister Fabian Picardo KC MP has given me responsibility for the taxation portfolio as Minister for Justice, Trade, and Industry. We want to ensure that large businesses pay their fair share oftaxes so that we can continue to support expenditure in our public sector, health service and education, and that local agencies and bodies are able to work together effectively in this area, safeguarding the interest of the general body of taxpayers. As I have said previously, this is a matter of macro-economic importance for Gibraltar.”