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Gibraltar Budget 2010

Gibraltar's Chief Minister, Mr. Peter Caruana, announced in his 1 July budget speech that, “it had been another good year for the Gibraltar economy...2010 will also be a good year, though one that will bring its own local challenges in the need to transition to the new company tax regime with effect from 1 January 2011 when the Tax Exempt Company regime...finally comes to an end”.

Among the budget highlights were:

In the year to 31 March 2009 the Gibraltar economy grew by a further 5.4%. In the year ending 31 March 2010 it is estimated to have grown by just over 5%. For 2010/2011 economic growth of 5% is expected.
Employment maintained record levels in October 2009 and stood at 20,450.
The overall recurrent revenue and expenditure budget was again in surplus for the year ended 31 March 2010, with an all-time record high net surplus of £29.4 million.
Revenue from personal income tax is again expected to rise to a record £115.6 million, an increase of 6.1%.
Revenue from company income tax rose to an estimated £28.5 million, a 2.6% increase.

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Gibraltar Budget 2010

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