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Home > Country Profiles > Gibraltar

Country Profiles

Gibraltar - Economy

Whitaker's Almanack Version

Financial Outlook

Gibraltar’s chief minister, Fabian Picardo, announced a record budget surplus of £37 million when presenting the island’s 2013/14 budget on June 24, 2013. The government is committed to reducing personal taxation to no more than 15% by 2015/16 for every taxpayer on the allowance-based system (i.e. those with earnings below £16,000 a year), while those earning less than £10,000 will not be liable to income tax. The island is also moving to a visa-waiver process for nationals of the BRIC countries and Japan in an attempt to boost trade. The economy has continued to perform strongly, with growth for 2013 expected to be 7.8%. Gibraltar has one of the highest GDP per capita rates in the world, at £41,138. Financial services, remote gambling, tourism, and bunkering (ship refueling) continue to drive growth in the private sector. As a member of the European Union, EU laws apply in Gibraltar on all matters except for customs, VAT, fisheries, and agriculture.

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