Gibraltar Budget 2016
Europa Trust Company Ltd
06 July, 2016
The Chief Minister of Gibraltar, delivered his 5th budget speech to the Gibraltar Parliament on 5 July 2016. Europa Trust Company reports on the first British budget following the 'Brexit' vote.
Chief Minister (and Minister of Finance) Fabian Picardo presented a positive outlook for the Gibraltar economy while presenting his 2016 budget to parliament. He explained that the 7 sq. km jurisdiction's GDP had grown by 7.5% to £1.77 billion, with a surplus of £38.8 million. Despite the uncertainty presented by the "Brexit" vote in the year ahead, his government is predicting a conservative budget surplus of £20 million for the next 12 months. Mr Picardo described his budget as the most important budget in a generation
Below are the main points of his budget.
- Minimum wage to rise to £6.28
- All newly established businesses in Gibraltar setting up over the next 12 months will be eligible for a tax credit of £50,000 per annum
- Those earning less than £11,050 will pay no income tax
- Import duty exempted on Marine Sector equipment
- Increases in all allowances under the Allowance Based System
- No change to the Gross Income Based System
- No social insurance increases
- Mandatory private sector pensions deferred
- Increase in govt housing rents by 3% (first increase in 32 years)
- Public Sector pay to rise 2.75%
- Net public debt £345 million or 19% of GDP
While there appears uncertainty in the UK and parts of Europe, Gibraltar is sending a strong message that it is open for business.
Working with Europa Trust Company Ltd
Europa Trust Company Ltd is part of the Europa Group. We have been based in Gibraltar for 30 years and have built a reputation as a stable and reputable business.
We provide a comprehensive range of company and trust formation and management services including company and trust administration, corporate directors, shareholders and secretaries, accounting, marine registration and other associated services.
Our clients are an eclectic mix of international executives, authors, sportsmen, corporations, wealthy individuals, families and many more. Their individual interests and needs are at the centre of our focus.
Each client benefits from the experience and multi-jurisdiction knowledge of a dedicated Europa Trust Company Ltd professional. Europa Trust Company Ltd is able to work in over 31 jurisdictions around the World.
We are licensed and regulated by the Financial Services Commission and ISO 27001 (Information Security Management Systems) and ISO 9001 (Quality Management Systems) certified.
Contact us today to find out how we can help you.
« Go Back to Blogs