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January 31, 2020 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:
A transfer of assets is defined as being where Gibraltar loses the right to tax the transferred assets, while the assets remain under the ownership of the same taxpayer. Tax would be applied at the applicable corporate rate on the difference between the market value of the transferred assets less their value for tax purposes. The legislation applies to accounting periods commencing on or after 1 January 2020. For additional information with respect to this Alert, please contact the following: EY Limited Gibraltar
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