Govt publishes tax details to recoup over £520,000 from top debtors

Over £520,000 of tax payments is owed to the Gibraltar Government by 15 companies and individuals, with the details published in an attempt to recoup the funds.

The Government has published the details of companies and individuals who have failed to pay their taxes as a last resort after extensive engagement, due process, and multiple opportunities to regularise their affairs with the Income Tax Office.

This initiative was put forward by the Minister for Justice, Trade and Industry, Nigel Feetham, during a session in Parliament, where he stated that the last time the measure was used was in February 2017.

Since then, this power has not been exercised as the Central Arrears Unit had not favoured its use.

On Wednesday, the Government published the details in the Gazette, which cited that the highest amount owed by one company in corporate tax was over £50,000.

The details showed that another company owes almost £80,000 in combined corporate and PAYE tax.

The highest amount owed in personal income tax was £43,000.

Mr Feetham had told Parliament that these statutory powers needed to be exercised in order to protect the macroeconomic interests of Gibraltar.