Gibraltar Publishes Temporary Transaction Tax Deduction Rules

Gibraltar has published the Transaction Tax (Deductions) Rules 2026, which came into operation on 23 September 2026. As previously reported, the new transactions tax took effect on 15 July 2026 in connection with the customs union formed as part of the UK-EU Treaty to govern Gibraltar's relationship with the EU. The transactions tax rate is 15%, with an increase to 16% in the second year, followed by an increase to a rate no lower than the lowest standard VAT rate in the EU, which is expecte…