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Insurer and DLT Tax Bill passed in Parliament

This week, a bill related to insurers and DLT taxes was approved by Parliament with the backing of opposition members. The government has referred to this as “an important moment in Gibraltar’s tax policy landscape.”


The Act, which levies taxes on certain insurance and Distributed Ledger Technology (DLT) revenue, is a reflection of the widespread agreement that fair tax changes are necessary to support both fiscal sustainability and economic resiliency.


In addition, Nigel Feetham, the Minister of Justice, Trade, and Industry, has been working over the past month to improve coordination and information exchange between the Tax Office and regulatory agencies.

This proactive nature is demonstrated by a new Memorandum of Understanding (MOU) for information sharing between the Tax Office and the Gambling Regulator, which permits more stringent enforcement of tax laws inside the gambling industry as needed.


In the future, Mr. Feetham has also started talks for the Tax Office and the Financial Services Regulator (GFSC) to have a similar exchange of information arrangement.

"Historically, succeeding chief ministers have been in charge of revenue. But as Minister of Justice, Trade, and Industry, Chief Minister Fabian Picardo has assigned me the tax portfolio," Mr. Feetham stated. "We want to make sure that large businesses pay their fair share of taxes so that we can keep funding education, health care, and public sector expenditures. We also want local organizations and agencies to be able to collaborate well in this regard, protecting the interests of the overall taxpayer community."

Mr. Feetham

This is an issue of significant macroeconomic significance for Gibraltar, as I have stated before.

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