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Gibraltar
Friday, 5 July 2024, 13:31
The chief minister of Gibraltar, Fabian Picardo, presented the tax budget for 2024 on the Rock this week.
It included the promised reduction of 2% on personal income tax although corporate income tax will increase by 2.5% to 15%.
Other budget highlights included a rise in electricity and water of 2.6% and the introduction of duty on pleasure crafts (considered a luxury item). Import duty on electric vehicles remains at zero but a 10% import tax will be due on mild hybrids and 5% on full hybrids.
He also included a downsizing incentive for seniors over 65 who will now be entitled to a first-time buyer's allowance if moving to a smaller property. First and second time Home Purchaser Allowance is now restricted to properties under 800,000 pounds.
Regarding the employment sector, the cap on both employer and employee social insurance contributions increases by 5%. The hourly minimum wage will increase from 8.60 pounds to 8.90 pounds. Picardo also introduced the second half of last year's commitment to increasing public sector pay - by the same amount as last year's one-off payment, but this time consolidated into wages.
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