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Income Tax 2010-21 Income Tax 2010-21 INCOME TAX ACT 2010 Principal Act Act No 2010-21 Commencement (LN.2010/180) 1.1.2011 Assent 1.11.2010 Amending Relevant current Commencement enactments provisions date Act. 2011-11 s. 27 5.5.2011 2012-04 s. 14A 28.6.2012 LN. 2012/129 ss. 71, Sch. 5 & 9 4.10.2012 Act. 2012-14 ss. 39(3), (4)(a) & Sch. 10 1.7.2012 LN. 2013/0051 ss. 4 to 5F 1.1.2013 2013/081 s. 74(a) & (b) & Sch. 1 1.7.2013 2013/108 Sch. 5 1.7.2013 Act. 2013-28 Sch. 1 1.1.2014 2014-24 ss.14A(2), (3)(a), (5) & 14B 10.7.2014 ss. Schs. 1, 3, 2015-23 ss. 25A, Sch. 3, 9 1.1.2011 ss. 29, 30(1), 1.7.2013 ss. 13(1), Schs. 3, 7 1.7.2014 ss. 77, 78 22.6.2015 ss. 30(1)(b), (bb), Sch. 3 1.7.2015 ss. 6, 6A, 18A, 19, 30(1)(b), (c), 31, 31A, 32, 32A, 33, 34, 39(1)(b), (2), (4), (5), (6), (8), 41(10), 56A, 59, 59A, 60, 63, 63A, 64(1)(b), (c), 65, 65A-65F, 67(2), 68, Schs. 3, 7, 9, 10 6.8.2015 ss. 16, 29(1), (3) 1.1.2016 ss. 28(1) 1.7.2016 LN. 2015/239 ss. 5A(3), (5), (5A), 5D(5), 5F, 1.1.2016 2015/229 Sch. 5 31.12.2015 2016/253 ss. 5D(5), 5F 22.12.2016 2016/246 ss. 5A(6)(b), 5B(2A), 5E(8), 5F(1), (2)(b), 3, Part IA 1.1.2017 Act. 2017-04 ss. 12A, 13A, 28(1), (8)-(12), 74, Sch. 1, 4 11.4.20172 LN. 2017/101 ss. 5E(8), 5F(1), (2)(b), PART 1B 5.6.2017 2017/108 Notice of Corrigendum 8.6.2017 1 Notice of corrigendum see LN. 2013/011 2 Notice of Commencement see LN. 2017/069 © Government of Gibraltar (www.gibraltarlaws.gov.gi) 2010-21 Income Tax 2017/253 s. 6B 1.1.2018 2018/228 s. 74 25.10.2018 2018/261 Sch. 1 22.11.2018 2018/287 Sch. 4 1.1.2019 2019/003 Notice of Corrigendum 10.1.2019 2019/025 Sch. 1 7.2.2019 2020/056 Sch. 4 1.1.2020 2020/057 Sch. 4 1.1.2020 Act.2020-06 Long Title, ss. 3(1), 3A-3E, 6C, 30A, 37(8A), 65G, 74, Sch.12 23.3.2020 LN.2020/128 Sch.12 23.3.2020 2020/176 ss. 10L, 10O(1)(b) 7.5.2020 2020/055 ss. 5F(1), (2)(b), 10ZE-10ZL, Sch. 11 1.7.2020 2020/256 ss. 10ZI(1), (1A), (3), (3A), (9)(b), 10ZJ(2A), (7)(b), 10ZK(7) 10.7.2020 2020/472 Sch. 4 & 5 1.1.2021 2021/078 ss. 10ZE-10ZL, Sch.11 1.1.2021 Act.2021-01 s. 3A(4A) 9.2.2021 Transposing: Directive 77/799/EEC Directive 2011/16/EU Directive 2011/96/EU Directive 2013/13/EU Directive 2014/86/EU Directive (EU) 2015/121 Council Directive (EU) 2015/2376 Council Directive (EU) 2016/881 Council Directive (EU) 2016/2258 Council Directive 2016/1164 Council Directive (EU) 2017/952 Council Directive (EU) 2018/822 Directive (EU) 2020/876 © Government of Gibraltar (www.gibraltarlaws.gov.gi) Income Tax 2010-21 ARRANGEMENT OF SECTIONS Section 1. Short title and commencement. Part I- Administration 2. Administration. 3. Confidentiality. 3A. International agreements on taxation matters. 3B. Giving effect to International Tax Agreement. 3C. Appointment of members of bodies established by an International Agreement. 3D. Power to make regulations for carrying out an International Tax Agreement. 3E. 4. Information requests from or to Member States. 5. Administrative enquiries. 5A. Exchange of information about foreign residents. 5B. Other exchange of information with Member States. 5C. Administrative cooperation with tax authorities of Member States. 5D. Sharing experience of tax cooperation with Member States. 5E. Cooperation Directive: supplemental. 5F. Review of operation of exchange of information. 6. Information powers. 6A. Information Powers: International obligations under exchange of information agreements. 6B. Information Powers: Implementation and enforcement of the Cooperation Directive. 6C. Information Powers: Implementation of International Tax Agreement. 7. Restrictions on powers. 8. Falsification etc. of documents. 9. Entry with warrant to obtain documents. 10. Service of notices. Part IA- Advance cross-border rulings and pricing arrangements 10A. Interpretation. 10B. Meaning of cross-border transaction. 10C. Obligation to exchange information. 10D. Information to be exchanged. 10E. Exclusion. 10F. Confirmation of Receipt. 10G. Additional Information. © Government of Gibraltar (www.gibraltarlaws.gov.gi) 2010-21 Income Tax 10H. Statistics. 10I. Feedback. 10J. Use of Information. 10K. Method of exchange. Part 1B- Country by Country Reporting 10L. Interpretation. 10M. Excluded MNE group. 10N. Ultimate parent entity reporting. 10O. Constituent entity reporting. 10P. Surrogate parent entity reporting. 10Q. Country by country report. 10R. Notification obligations. 10S. Form and manner of delivery. 10T. Time by which country by country reports are to be provided. 10U. Penalties for failure to comply with Part. 10V. Penalties for failure to comply with Part. 10W. Matters to be disregarded in relation to liability to penalties. 10X. Assessment of penalties. 10Y. Appeals against penalty. 10Z. Application for increased daily default penalty. 10ZA. Enforcement of penalties. 10ZB. Exchange of information by Commissioner. 10ZC. Feedback. 10ZD. Use of information. Part 1C- Reportable Cross-Border Arrangements 10ZE. Interpretation. 10ZF. Associated enterprise. 10ZG. Cross-border arrangement. 10ZH. Intermediary. 10ZI. Reportable cross-border arrangements: exchange of information by intermediaries. 10ZJ. Reportable cross-border arrangements: exchange of information by relevant taxpayers. 10ZK. Communication of information by Commissioner. 10ZL. Penalties. Part II- Charge to tax 11. The charge to taxation. 12. Taxation of beneficiaries. 12A. Taxation of Foundation Beneficiaries. 13. Taxation of trusts. 13A. Taxation of Foundations. © Government of Gibraltar (www.gibraltarlaws.gov.gi) Income Tax 2010-21 14. Refund of certain contributions. 14A. Pensions imported from another country, territory or jurisdiction. 14B. Pensions in connection with a statutory instrument. Part III- Computation of assessments 15. Basis of assessment- persons other than companies. 16. Basis of assessment- companies. 17. Gains or profits of employment. 18. Partnerships. 18A. Entities: power to make regulations. 19. Income from occasional presence in Gibraltar. 20. Allowance of trade losses. 21. Valuation of trading stock on discontinuance of trade, etc. 22. Loans to shareholders or connected persons. 23. Assessment of purchased life annuities. Part IV- Rate of taxation and assessment 24. Rate of taxation. 25. Reliefs, allowances, etc. 25A. Gifts to charity by individuals. 26. Tabling of Rules before Parliament and effect of annulment. 27. Retrospective effect. 28. Tax payers other than companies to make returns. 29. Companies to make returns. 30. Returns- supplementary. 30A. Returns required for the purposes of International Tax Agreements. 31. Assessing procedure. 31A. Ordinary time limit of six years for making assessments. 32. Power to make enquiries on return. 32A. Offence of falsification etc. of documents in relation to a notice under section 32. 33. Assessing procedure where no return is delivered. 34. Additional, amended and discovery assessments. 35. Service of assessments and appeals. 36. Application for postponement of tax payable. 37. Relief in respect of foreign tax paid. 38. Assessments to be final and conclusive. Part V- Payment of taxation 39. Time within which payment is to be made. Part VI- Anti-avoidance 40. Anti-avoidance. © Government of Gibraltar (www.gibraltarlaws.gov.gi) 2010-21 Income Tax 41. Notification of arrangements. 42. Procedure for clearance in advance. 43. Notification of exercise of anti-avoidance provisions Part VII- Chargeability of and acts to be done by agents and others 44. Chargeability of trustees and other representatives. 45. Chargeability of agent of non-resident persons. 46. Acts to be done by trustees and certain others. 47. Deceased persons. 48. Joint trustees. 49. Managers of companies. 50. Commissioner to appoint agents. 51. Indemnification of agents. 52. Company wound up. Part VIII- Assessment and withholding 53. Assessment record. 54. Errors and defects in assessments, etc. 55. Pay as You Earn. 56. Return to be made by employer. 56A. Penalty for failure to deliver return made by employer. 57. Payment of tax of individuals employed but not domiciled or ordinarily resident in Gibraltar. 58. Deductions from payments to construction sub-contactors. 59. Returns in respect of dividends. 59A. Dividends: provision of particulars. 60. Set off of Tax Credit. 61. Repayment of tax. 62. Recovery of tax through employers and others. Part IX- Offences, surcharges, penalties and miscellaneous 63. Duty to keep and preserve records and books of account. 63A. Penalty for failure to keep and preserve records. 64. Statutory surcharge on late payment. 65. Penalties for failure to comply with requirements on return. 65A. Penalties for failure to comply with requirements on certain notices. 65B. Offence for failure to comply with requirements on certain notices and returns. 65C. Penalties for failure to comply with requirements under section 41. 65E. Penalties where no penalty is specifically provided by this Act. 65F. Failure to comply with requirement or notice. 65G. Penalty for failure to comply with requirements relating to an International Tax Agreement. 66. Penalties for false returns, etc. © Government of Gibraltar (www.gibraltarlaws.gov.gi) Income Tax 2010-21 66A. Commissioner’s discretion. 67. Offences. 68. Publication of details of failure to pay taxes. 69. Recovery of taxation through the courts. 70. Savings for criminal proceedings. 71. European Union legislation. 72. Power to make Rules. 73. Tabling of Rules before Parliament and effects of annulment. 74. Interpretation. 75. Repeals, amendments and transitional provisions. 76. Disclosure opportunity. PART X -AMNESTY 77. Fixed penalty charge during amnesty.
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