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Gibraltar's Chief Minister, Mr. Peter Caruana, announced in his 1 July budget speech that, “it had been another good year for our economy...2010 will also be a good year, though one that will bring its own local challenges in the need to transition to the new company tax regime with effect from 1 January 2011 when the Tax Exempt Company regime...finally comes to an end”.

Budget highlights

Among the budget highlights were:

• In the year to 31 March 2009 the Gibraltar economy grew by a further 5.4%. In the year ending 31 March 2010 it is estimated to have grown by just over 5%. For 2010/2011 economic growth of 5% is expected.
• Employment maintained record levels in October 2009 and stood at 20,450.
• The overall recurrent revenue and expenditure budget was again in surplus for the year ended 31 March 2010, with an all-time record high net surplus of £29.4 million.
• Revenue from personal income tax is again expected to rise to a record £115.6 million, an increase of 6.1%.
• Revenue from company income tax rose to an estimated £28.5 million, a 2.6% increase.

Find out more

For full details, please read our Gibraltar Budget 2010 highlights report or contact us for more information.