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PKF Canillas

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PKF Canillas
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Guidance on filing of tax returns – Income Tax Act 2010 (the “Act”)

16 Mar 2016

Guidance on filing of tax returns – Income Tax Act 2010 (the “Act”)

Following the publication of the Income Tax (Amendment) Act 2015 on 6 August 2015 all companies that are registered in Gibraltar, irrespective of whether they are in receipt of assessable income, will now be obliged to make a full and complete return in accordance with the provisions of section 29 of the Act.

This requirement is effective for accounting periods ending on or after 1 January 2016.

In order to assist you with your filing requirements pursuant to the introduction of this amendment, the Income Tax Office has set out below guidance broadly setting out the constituent elements of what your return should comprise as well as the type of accounts that need to be filed.

 

In receipt of assessable income?

Amount of assessable income

Filing requirements

No

Nil

  • Tax return
  • One of the following: 

Large companies

Full accounts including a Balance Sheet, Profit and Loss Account, notes, Directors’ Report and Auditors’ Report

 

Medium-sized companies

Same as for large companies except that the Profit and Loss Account may be in abridged form

 

Small companies

An Abridged Balance Sheet only

 

The parameters defining the size of the company are contained within Schedule 9 of the Companies Act.

 

In order to assist in the transitional arrangements, in respect of these companies no late filing penalty will be levied until the 1st January 2017.

 

Yes

From £1 to £1,249,999

  • Tax return
  • Accounts accompanied by an Independent Accountants Report as defined in section 30 ITA 2010

Yes

From £1,250,000 and over

  • Tax return
  • Audited accounts

 

 


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