Insurer and DLT Tax Bill passed in Parliament

An Insurer and DLT Tax Bill passed in Parliament this week with the support of the Opposition members as the Government calls it “an important moment in Gibraltar's tax policy landscape.”

The Act, which taxes certain income of insurers and Distributed Ledger Technology (DLT) businesses, reflects broad consensus on the need for equitable tax reforms to promote fiscal sustainability and economic resilience.

Furthermore, the Minister of Justice, Trade and Industry, Nigel Feetham, has over the last month taken steps to enhance collaboration and information sharing among regulatory bodies and the Tax Office.

A recent MOU for the exchange of information between the Tax Office and the Gambling Regulator exemplifies this proactive approach, facilitating more robust enforcement of tax regulations within the gambling sector where necessary.

Looking ahead, Mr Feetham has also initiated discussions for a similar exchange of information agreement between the Tax Office and the Financial Services Regulator (GFSC).

"The responsibility for taxation has historically rested with successive chief ministers. However, the Chief Minister Fabian Picardo has given me responsibility for the taxation portfolio as Minister for Justice, Trade, and Industry,” said Mr Feetham.

“We want to ensure that large businesses pay their fair share of taxes so that we can continue to support expenditure in our public sector, health service and education, and that local agencies and bodies are able to work together effectively in this area, safeguarding the interest of the general body of taxpayers.”

As I have said previously, this is a matter of macro-economic importance for Gibraltar.”