Monday, 4 April 2016

Gibraltar: Additional changes to corporate income tax return filing obligation announced

Recent changes to Gibraltar’s Income Tax Act imposed an obligation for all Gibraltar registered
companies to file “full and complete” tax returns, including accounts, regardless of whether the company has assessable income (for prior coverage, see World Tax Advisor, 22 January 2016). The Commissioner of Income Tax now has clarified that the change in the filing obligation applies as from accounting periods ending on or after 1 January 2016, and not from periods commencing on or after 1 January 2016 (as was previously indicated). Additionally, the Gibraltar Income Tax Office (ITO) has issued guidance setting forth the type of accounts that companies without assessable income are required to file with their tax returns.
As previously announced, tax returns filed for companies that derive assessable income of GBP 1.25 million or more within an accounting period must be accompanied by audited accounts. In contrast, companies that derive assessable income of less than GBP 1.25 million within an accounting period are required to submit accounts accompanied by an independent accountant’s report (as defined in section 30 of the Income Tax Act) along with their tax returns.
Source & more info: Deloitte