Gibraltar Delays Introduction Of New Companies Law
Gibraltar has agreed to industry requests to delay the introduction of its new Companies Act and Insolvency Act for a month, until November 1, 2014.
The announcement was made in response to requests from the financial services industry and the Association of Trust and Company Managers.
Gibraltar’s Minister with responsibility for financial services, Gilbert Licudi, said: “The Companies and Insolvency legislation is enormously important to the sector and it is right and proper that we should heed the request of the industry for more time to ensure that all practitioners have the appropriate systems in place to implement these changes. We would encourage the industry and Companies House to liaise closely on all relevant practicalities in anticipation of the implementation on 1 November.”
Introducing the legislative changes in April this year, Licudi said: “Our Companies legislation dates from 1930. Although various amendments have been made since then, there was a need for a major overhaul with a view to updating and modernizing the legislation.”
Gibraltar offers a low 10 percent corporate income tax rate, and taxes individual income at a rate no higher than 20 percent. Gibraltar does not levy a value-added tax or sales tax, and does not tax capital gains or wealth.
Source: lowtax
