Gibraltar's tax laws under EC scrutiny
The European Commission has launched a state aid inquiry into the planned reform of Gibraltar's company taxation laws.
The European Commission has launched a state aid inquiry into the planned reform of Gibraltar's company taxation laws.
Link: PAC alerted over Gibraltar pension liability
The reforms entail the abolition of company profits taxation, replacing it with a payroll tax, (£3,000 per employee), and a business property occupation tax. Financial services and utilities would face top-up taxes on profits at 8% and 35% respectively.
Brussels thinks that these changes could give Gibraltar companies an unfair advantage over other British businesses, in effect giving them illegal state aid subsidies. This is – notably – because total tax liability would be capped at 15% of profits or £500,000, whichever is the lower. If a company makes no profit, it would have no tax liability.
The numbers you crunch tell a story. Your expertis...
22yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe amount of tax saved by businesses through HMRC’s Patent Box scheme has increased by 23% over the last five years, from £1.14 billion in 2017/18 to...
View articleUK Chancellor Jeremy Hunt has hinted at the possibility of further tax cuts in the upcoming spring Budget, during his time at the World Economic Forum...
View articleThe legislation, which introduces a global minimum tax of at least 15% for multinational enterprises, aims to limit tax competition and ensure large c...
View articleThe upcoming tax changes in 2024 will significantly impact businesses and individuals in the UK. Accountants play a crucial role in helping clients na...
View articleAccountants must stay vigilant, adapt their tax strategies to evolving regulations, prioritize transparency, and foster collaboration with tax authori...
View articleAs the government prepares for re-election, PM Sunak promises to control spending in order to bring forth tax cuts next year Read More...
View articleThe Office for National Statistics revealed that the UK economy shrank by 0.3% in March after the economy grew by 0.1% in the previous three months Re...
View articleAs the Spring Budget approaches, dissenters of the UK government’s increasingly complex contractor legislation are baying for change. HMRC has already...
View article