​Gibraltar introducing a top-up tax for large companies

Gibraltar is introducing a top-up tax for large companies.

Those in scope include those belonging to multinational enterprise groups with an annual revenue of €750 million or more in at least two of the four preceding years.

Nigel Feetham made the announcement in Parliament.

The government says the harmonisation of a minimum global tax rate is undoubtedly the most important change to the international tax system since the 1920s.

And, it believes the move reinforces Gibraltar’s position as a cooperative tax jurisdiction aligning to global standards on base erosion and profit shifting.