The tax year in Gibraltar is 1 July to 30 June. Alternative tax periods are allowed, but may not exceed 12 months.
For tax years beginning on or after 1 January 2016, all companies registered in Gibraltar are required to file tax returns. Prior to which, only companies assessable to tax in Gibraltar were required to file tax returns.
The following documents are required to be filed along with the tax return:
- Large companies: Balance sheet, profit and loss account, directors report and auditors report;
- Medium companies (meeting two of the following conditions (i) turnover does not exceed GBP 25.9 million, (ii) has net assets of less than GBP 12.9 million, and (iii) has less than 250 employees): Balance sheet, abridged profit and loss account, directors report and auditors report;
- Small companies (meeting two of the following conditions –(i) turnover does not exceed GBP 6.5 million, (ii) has net assets of less than GBP 3.26 million, and (iii) has less than 50 employees): Abridged balance sheet.
Annual tax returns must be filed within 9 months of the close of the previous tax year.
In response to the COVID-19 pandemic, Gibraltar introduced the Business Employee Assistance Terms (‘BEAT’) measure to facilitate the online filing of employers’ declarations. The deadline for filing the employer’s annual declaration, benefit in kind declaration and pension scheme contribution forms is extended from 31 July 2020 until 30 September 2020 (previously 31 August 2020) for the tax year 2019-20.
Companies in Gibraltar are required to make two advance tax payments, the first by 28 February, and the second by 30 September. Each advance payment is equal to 50% of the previous year's tax liability.
Final payment of the balance is due with the tax return.
E-filing is not available.