Gibraltar’s recent updates in tax law will lead to increased contributions from insurance and DLT blockchain businesses. The government aims to ensure fairness and sustainability in the nation’s finances.
Implications for Other Territories
The amendments, aimed at bringing fairness in contributions, take into account the significant profits made by insurance companies in Gibraltar due to record high interest rates. The move could have implications for other territories, including the UK, seeking to modernize their tax laws.
Regulation of Emerging Financial Technologies
The new legislation also encompasses anti-avoidance measures to prevent exploitation and ensure tax compliance, signaling a shift towards regulation of emerging financial technologies in the region.