This is a summary of the state of the Gibraltar economy as set out more extensively in the Chief Minister’s full address to Parliament yesterday and the budget measures contained therein.
- Inflation stands at 1.8%, lower than the 2.75% average.
- GDP for 2015 represents a 10.3% growth, putting Gibraltar third on the World rankings.
- Gross public debt stands at £448 million, and is estimated to drop to £400 million by the end of the year.
- £30 million will be put into Community Care within Gibraltar.
- The Gibraltar Savings Bank has received deposits of over £1.1 billion in total.
- There will be import duty reductions on flooring and carpets, toys, hybrid cars,products for the elderly, marine engines and suitcases.
- Income tax that is payable on the first £4000 goes down from 15 to 14%, whilst tax on the next £12,000 goes down from 18 to 17%.
- There are allowance increases on spouses and civil partners, single parent families, house purchases,nurseries, children, the disabled, the blind ,senior citizens and medical insurance.
- Gibraltar will introduce a tax amnesty for those who have not yet declared income abroad.
- Civil servants and public sector workers in Gibraltar will be receiving a pay increase of 2.75% a year, or the rate of inflation.
- The minimum wage would be going up from £6.15 to £6.25.
The full 2015 Budget Speech by the Chief Minister can be read here.
Working in or from Gibraltar.
Gibraltar is part of the European Union and yet within close proximity to Africa. It is a low tax jurisdiction and is VAT free. It has no capital gains, estate duty, wealth, inheritance, gift or other capital taxes. Gibraltar has an International airport; excellent road and sea links into Europe and Africa. For more information on Gibraltar click here.
