1 Navigating the Gibraltar Employment Tax and Social Insurance Minefield * and avoiding the common employer pitfalls
2 Content Introduction ti Registration of the employer Registration of the employee Social Insurance PAYE Benefits In Kind Cross Border Workers Pensions Reporting Calendar Important Dates
3 Navigating the Gibraltar Tax and Social Insurance Minefield * PricewaterhouseCoopers Gibraltar believes that no organisation should pursue commercial success without also considering ways in which to operate for the benefit of society on a global scale. In harmony with this ethos PricewaterhouseCoopers Gibraltar will be waiving their fee for this presentation and instead donating the funds to the Gibraltar Red Cross in order to support the relief work currently being given to the people of Haiti following the recent earthquake. Thank you very much for supporting us.
4 Registration of the employer Employment Service Tax Office & DSS
5 Registration of the employer The Employment Service ( ES ) Application for registration form has to be completed Certificate of incorporation of the Gibraltar company/branch Particulars of directors 50 fee N.B. Once registration approved ES issue a certificate which needs to be displayed at the employer s premises.
6 Registration of the employer
7 Registration of the employer Annual Notification Certificate of Registration with the ES has to be renewed annually One month before renewal is due, ES will send an Annual Notification form together th with a list of all active employees to be checked by employer Annual Notification form has to be completed and returned to the ES together with the old Registration Certificate 20 fee ES will then issue a new Registration Certificate to be displayed at the employer s premises
8 Registration of the employer
9 Registration of the employer cont d The Income Tax Office ( ITO ) & Department of Social Security ( DSS ) Copy of ES certificate of registration Certificate of incorporation of the Gibraltar company/branch Particulars of directors Details of company s activities iti and date when trading commenced No fee The ITO registers the employer and advises DSS (no need for separate registration). They then issue the employer with a starter pack. The starter pack contains company registration letter, guidance notes and PAYE & SI remittance slips.
10 Registration of the employee Employment Service Tax Office & DSS
11 Registration of the employee The Employment Service ( ES ) Notice of Vacancy has to be filed with the ES two weeks prior to employment beginning. Employer has to be aware that Vacancy has been filed with ES before advertised in the press (i.e. Gibraltar Chronicle) as ES will chase this up. Terms of Engagement form has to be completed (in triplicate) and filed with the ES. Terms of Engagement form will be processed and ready for collection the following day. ES will keep white copy of terms of engagement, blue copy is for the employer and the yellow copy is for the employee. N.B. Work Permit If the employee is not an EEA national a work permit will have to be obtained from the Employment Service. A visa may also be required in certain circumstances
12 Registration of the employee
13 Registration of the employee
14 Registration of the employee cont d Detached workers An employee who is not resident in Gibraltar and is in employment in a country outside Gibraltar (but within the EEA) and who is required by his employer to perform work of a temporary nature in Gibraltar in the course of his employment.
15 Registration of the employee cont d Detached workers Employer complete application form along with E101 form File with ES no later than five days before employment start date Fee of 50 payable NB if original employment is outside the EEA cannot apply for DW status
16 Registration of the employee cont d Detached workers
17 Registration of the employee cont d The Income Tax Office Employee needs to take stamped ES contract to tax office. Provide details of any allowances to which they are entitled e.g.: Insurance policies Property deeds Mortgage statements Marriage certificate Children s s birth certificates
18 Registration of the employee The Employment Service ( ES ) FAQs Inspections Variations of contracts Fines Directors/ Non Execs Terminations
19 Registration of the employee
20 Social Insurance
21 Social Insurance Why do we pay it? To fund: Old Age pension Unemployment benefit Maternity benefits Death grant and widow s benefit GHA group practice medical scheme Training levy Insolvency fund
22 Social Insurance cont d Who has to pay it? Contributions are required for all persons gainfully occupied in Gibraltar. Employees and employers need to contribute.
23 Social Insurance cont d Are there any exceptions? Individuals > 60 years old and those whose statutory retirement age is earlier (e.g. Fire & police officers) are exempt from the employee contributions not employer contributions. Employees making contributions in another EU state (E101) Students on holiday jobs Unpaid sick leave Maternity (18 weeks, need to apply) Married woman reduced contribution (prior to 31 Dec 1984 if husbands were paying SI)
24 Social Insurance cont d How are the contributions calculated? Employee - 10% of gross earnings subject to a minimum i of 5.00/ per week/month and a maximum of 23.74/ per week/month. Employer - 20% of gross earnings subject to a minimum of 15.00/ per week/month and a maximum of 29.97/ per week/month. Self employed contributions - 20% of gross earnings subject to a minimum of 10.00/ per week/month and a maximum of 27.43/ per week/month.
25 Social Insurance cont d Example 1 An employee with monthly gross earnings of : - (a) Employee Contribution (minimum monthly contribution rate) (b) Employer Contribution (minimum monthly contribution rate) Example 2 An employee with monthly gross earnings of : - (a) Employee Contribution x 10% = (b) Employer Contribution x 20% = Example 3 An employee with monthly gross earnings of : - (a) Employee Contribution (maximum monthly contribution rate) (b) Employer Contribution (maximum monthly contribution rate)
26 Social Insurance cont d FAQs Multiple jobs Directors fees/non execs
27 Personal Tax
28 Dual tax system You have the choice of being taxed under either an Allowances Based system or a Gross Income Based system and will pay tax in accordance with the system which results in the lower tax.
29 Dual tax system cont d ALLOWANCE BASED SYSTEM Under the Allowances Based system you would be taxed on your income less allowances at the applicable rates as follows: The first 4,000 of taxable income 17% The next 12,000 of taxable income 30% The remainder of the taxable income 40%
30 Dual tax system cont d Personal allowance 2,735 Deduction for spouse 2,560 Deduction for children Mortgage interest 100% House purchase for own residential occupation 15,500 Life assurance 100% 2 1 First child only 2 Allowable premiums up to 1/7 of assessable income or 7% of capital sum assured. Low Income Earners ( LIA ) Income < 19.5K eligible ibl for a LIA as follows: Income of 8,000 or less 4,000 Income of 8,000 to 17,500 1,300 Income of 17,500 to 18, Income of 18,500 to 19, Note : The above allowances are subject to a minimum allowance of 3,600.
31 Dual tax system cont d GROSS INCOME BASED SYSTEM The first 25,000 of taxable income 20% The next 75,000 of taxable income 29% The remainder of the taxable income 35% If your gross income does not exceed 16,000 per annum, the first 10,000 of taxable income will be taxed at the rate of 10% with the balance at 20%. If your income is between 16,000 and 25,000 you will be taxed at the following rates, with the balance at 20%: Income of 16,000 to 17,000, on the first 5,000 0% Income of 17,000 to 18,000, on the first 4,000 0% Income of 18,000 to 19,000, on the first 3,000 0% Income of 19,000 to 20,000, on the first 2,000 0% Income of 20,000 to 25,000, on the first 1,000 0%
32 Dual tax system cont d SCENARIO A Annual salary of 30,000 Allowances 10,000 ALLOWANCE BASED SYSTEM GROSS INCOME BASED SYSTEM Income 30,000 20% = 5,000 Less Allowances (10,000) 29% = 1,450 Assessable Income 20,000 17% % 3,600 40% 1,600 20,000 5,880 30,000 6,450
33 Dual tax system cont d SCENARIO B Annual salary of 16,500 Allowances 3,600 ALLOWANCE BASED SYSTEM GROSS INCOME BASED SYSTEM First 5,000 tax free Income 16,500 Less Allowances (3,600) 20% 2,300 Assessable Income 12,900 17% % 2,670 12,900 3,350 11,500 2,300
34 Which tax system best suits your employees? Depends on their individual circumstances Income Tax Office will inform them Government website calculator - Featured items Gross Income Based Tax Calculator GIB application form also on the website
35 Which tax system best suits your employees? ALLOWANCE BASED SYSTEM GROSS INCOME BASED SYSTEM ASSESSABLE INCOM 30,000 GROSS INCOME (including Benefits-in-kind) (including Benefits-in-kind) 30,000 ALLOWANCES 3,600 TAXABLE INCOME 26,400 0% - 17% % - 30% 3, % 5, % 4, % 1, % - 26,400 30,000 TAX PAYABLE 8, TAX PAYABLE 6,450.00
36 HEPSS Navigating the Gibraltar Employment Tax and Social Insurance Minefield * Introduced as cost saving incentive for companies recruiting senior executives. Taxable income capped at 100K, so tax is 26,750 p.a. Existing Cat 3 certificate holders; Earn more the 100K pa; Possess skills not available in Gibraltar; Necessary to promote and sustain economic activity of particular economic value to Gibraltar; High executive or senior management position; Not employed or resident in Gibraltar for prior three years; and Approved property in Gibraltar Application to be made to the Finance Centre Director
37 Short term assignees Unwritten rule - register for tax and SI if working in Gibraltar for longer than one month. We would recommend that the following conditions be met: Employed in the home jurisdiction Paid from the home jurisdiction, no recharge to the local l Gibraltar company Not have permanent residence Contact the ITO to discuss on a case by case basis.
38 Payment of tax/paye For employees, collection of tax is initially through a Pay As You Earn PAYE system. Every employer paying emoluments to an employee is required to deduct from the amount of emoluments a specified amount of tax according to each employees tax code. Payment is due by the 15th day of the following month. At the end of the year of assessment the employer is obliged to make a return of the employee s emoluments and tax deducted together with the payment of any outstanding tax.
39 Payment of tax/paye Preference to pay by cheque P8 - late filing penalty - 10 per employee per day Queries can delay processing of P8
40 Payment of tax/paye
41 Payment of tax/paye
42 Payment of tax/paye FAQs Change of tax code/system part way through the year Married couples different systems? Multiple employments Bonus calculations Back pay adjustments Redundancy d
43 Payment of tax/paye FAQs Married couples different systems? e.g. Property in Gibraltar Purchased prior to marriage by one party can continue to claim allowances, spouse can be taxed under GIB Purchased subsequent to marriage either: -split the allowances or -one claim allowances, other does not BUT both must be taxed under allowance based system (if property purchased post 1/7/07) OR -if one always claimed allowances in respect of a property pre 2007 the spouse can elect to be taxed under the GIB system. OR - If one wishes to transfer to GIB system the other party can only claim 50% (i.e. their individual entitlement) of the allowances
44 Payment of tax/paye FAQs Multiple employments Will be taxed at marginal rate in respect of any excess income Example Job 1 25,000 Job 2 5,000 Total income 30,000 Taxed under GIB (for example) 20% = 5,000 29% = 1,450 Tax payable 6,450
45 Payment of tax/paye FAQs Bonus payment / back pay adjustments In the month in which they are received they need to be annualised Example: Monthly salary 2,000 Bonus 2,000 Total income 4,000 Taxed under GIB (for example) if calculated l through h the payroll system 20% = 5,000 29% = 6, Tax payable 13,670 1,139 in month in which bonus is received
46 Payment of tax/paye FAQs Bonus payment / back pay adjustments Example: Monthly salary 2,000 Bonus 2,000 Total income 4,000 Taxed under GIB (for example) if calculated manually 20% = 5,000 20% = 4,800 29% = per month on salary Tax payable 5, on bonus Total tax payable 841 ( )
47 Payment of tax/paye FAQs Redundancy Income Tax (Allowances, Deductions and Exemptions) Rules Section 2(3)(9) ) such sum paid upon redundancy which the Commissioner, considers to be appropriate, having regard to, but not limited to, the employee s length of service with the employer who made him redundant and his rate of pay. Questionnaire to be completed.
48 Payment of tax/paye FAQs
49 Navigating the Gibraltar Employment Tax and Social Insurance minefield * Individual Tax returns A Gibraltar tax return will need to be filed by all individuals with income subject to tax in Gibraltar. Tax returns are due by 30 September following the year of assessment. No penalties will apply for late filing. The Gibraltar Income Tax Office will then issue you with an assessment based on the information disclosed in your tax return. This assessment will state any additional tax liability or rebate arising.
50 Benefits in kind What does the law say? Sec 6 (1) says that the following is taxable gains or profits from any employment Tax office position - Has to be a perquisite which can be reliably measured
51 Benefits in kind cont d Common Benefits Accommodation allowance Provision of accommodation employer s own property Rent payable by employer on employee s behalf Utility allowance Payments of utilities on employees behalf Provision of company car Car allowance Cost of living allowances Relocation allowances Medical insurance Share options
52 Benefits in kind cont d How are they taxed and reported by the employer? P10 form Employee declares in personal tax return Not within scope of PAYE
53 Benefits in kind cont d
54 Frontier Workers
55 Frontier Workers Any employee irrespective of nationality who normally resides in Spain and travels to work daily in Gibraltar. If resident in Spain for more than 183 days in a calendar year you are tax resident and taxable on your worldwide income. Tax returns in Spain are due by 30 June each year. The Gibraltar tax authorities are the primary taxing authority in respect of your income earned whilst in Gibraltar. If the tax authorities in Spanish also deduct tax in relation to your Gibraltar income you should be able to claim relief in Spain for the Gibraltar tax paid.
56 Pensions Navigating the Gibraltar Tax and Social Insurance Minefield *
57 Pensions State pension Navigating the Gibraltar Tax and Social Insurance Minefield * Min 10 years contributions (Females) Min 11.5 years contributions (Males) Need to be > 20 years old Pensionable age 60 for females & 65 for males Min pension - 1, p.a. Max pension - 4, p.a. DSS can provide you with a forecast Can make additional voluntary contributions (need to apply within 1 year from last employment date) Received tax free
58 Pensions - Occupational Navigating the Gibraltar Tax and Social Insurance Minefield * Relief on pension contributions will only be available if paid to an approved Occupational Pension Scheme. Two options available: Company's own scheme Provident Trust (No 3) Scheme (low cost & mobile money purchase scheme administered by Govt) Received tax free!
59 Pensions - Occupational Navigating the Gibraltar Tax and Social Insurance Minefield * Employers Contributions These will be governed by the trust deed which would have been approved by the CIT. Anti-avoidance provisions.
60 Pensions - Occupational Navigating the Gibraltar Tax and Social Insurance Minefield * Employees Contributions Relief available to employees on the Allowance based system only Employees can obtain relief on contributions to an approved scheme of up to 1/6th of their earned income. The 1/6th limit includes premiums payable on approved life assurance policies which themselves are subject to an earnings cap of 1/7th of earned income. Overall employee & employer contributions eligible for tax relief up to 25% of earned income. Bonuses opportunity!
61 Pensions - Occupational Navigating the Gibraltar Tax and Social Insurance Minefield * Employees Contributions -Example Employee earning 100K who already pays 13,930 worth of premiums (i.e. 1/7th of their income 100k/7 which is 14,285 less SI allowance of 355). Since this individual is already obtaining the maximum tax relief on their premiums can obtain further relief up to a maximum of 2,381 on personal contributions to an approved scheme (i.e.1/6th of their income which is 100K /6 = 16,666 less 14,285 above). If on the other hand no relief is being obtained in respect of life assurance premiums then the maximum relief available on contributions ti to an approved scheme is the 16,331 (i.e. 16, less the 335 SI allowance) as long as total employee & employer contribution < 25%
62 Reporting calendar Important dates Task Due date Form P8 Form P10 Form P7 Personal tax returns Statistics survey Monthly tax and social insurance deductions 30 th July 30 th July Prior to 30 th September 30 th September 6 th November 15 th day of the following month
63 Useful links Navigating the Gibraltar Employment Tax and Social Insurance Minefield * com/gi Employment Service Unit 76/77 New Harbours Gibraltar Income Tax Office St Jago s Stone Block 331 Main Street Gibraltar
64 Contacts t Navigating the Gibraltar Employment Tax and Social Insurance Minefield * PricewaterhouseCoopers 10/8 International Commercial Centre Casemates Square Gibraltar Telephone: Website: Patrick Pilcher Áine Harrington Karen Barabich
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