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Gibraltar’s income tax rules have changed and a new requirement has been introduced for all Gibraltar Companies to file Accounts and have a Tax Payer Identification (TIN) Number.

Accounts

Previously, Gibraltar Companies were only required to file accounts if it had income assessable to tax in Gibraltar. You must ensure that you inform Companies House of the accounting year end, this is the date that your company accounts will become due. When the company is due for renewal, we will ask you for the accounting reference date, and this will be filed with the authorities in Gibraltar. From this date, you have 18 months to file the first balance sheet. Your accounts must not be filed late, otherwise the company will be issued with filing penalties. There are two types of accounts that your company can file, including trading accounts and a dormant balance sheet. If the company is trading within Gibraltar, the company must file trading accounts. If the company is trading outside of Gibraltar, the Director of the company can choose to either file trading accounts or a dormant balance sheet. An accountant’s assistance is usually required when preparing trading accounts.

When the company is due for renewal (1 year after the incorporation date), we will send you email reminders informing you of the renewal of the company. When we inform you of the company renewal, we will mention that the company accounts are due too. We can assist you with preparing the dormant balance sheet or we can refer you onto an accountant to help you prepare trading accounts.

TIN Number

A Tax Payer Identification (TIN) Number, is a new requirement and all Gibraltar Companies must ensure they have a TIN Number. The TIN Number must be issued to all new Gibraltar Companies, or if you have an existing company, the TIN will be issued when you renew your company. There is additional charges to obtain the TIN Number. The TIN Number is useful for demonstrating to the taxation authorities that a company is registered for tax purposes. The TIN Number can also be helpful when a business bank account is being opened. It usually takes 2 weeks – 2 months to issue a company with a TIN Number. The issuing of a TIN Number will not delay the incorporation of your company, it takes around 5 working days to incorporate a company in Gibraltar.

We are able to assist with the filing of accounts and obtaining TIN Numbers for Gibraltar Companies, we can also refer you onto an Accountant who can assist with the preparation of the company trading accounts.

Incorporate a Gibraltar Company