Gibraltar implements EU Exit Tax provisions

HM Government of Gibraltar has published legislation to implement the remaining part of Council Directive (EU) 2016/1164 (the Anti-Tax Avoidance Directive or ATAD), which introduces an Exit Tax.

The Exit Tax applies to any of the following circumstances:

• An entity transfers assets from its head office to its permanent establishment (PE) outside Gibraltar and Gibraltar, as the European Union (EU) Member State of the head office, no longer has the right to tax the transferred assets due to the …