Late Tax Payment

Gibraltar imposes a penalty of 10% of the amount due if paid within 90 days, and 20% of the amount due if paid after 90 days. If a tax payment remains unpaid, a 10% per annum penalty, compounded daily, will be imposed until the tax and penalties are fully paid.

Late Return Filing

The following penalties apply for late filing of the tax returns:

For large companies - A fine of GBP 1,500 is imposed for the late filing of a return. An additional penalty of GBP 3,500 is levied if returns are not submitted within 3 months of the deadline. The additional penalty is increased to GBP 5,000 if the returns are not filed within 6 months of the deadline;
For medium companies - A fine of GBP 750 is imposed for the late filing of a return. An additional penalty of GBP 1,250 is levied if returns are not submitted within 3 months of the deadline. The additional penalty is increased to GBP 2,000 if the returns are not filed within 6 months of the deadline; and
For micro and small companies - A fine of GBP 100 is imposed for the late filing of a return. An additional penalty of GBP 450 is levied if returns are not submitted within 3 months of the deadline. The additional penalty is increased to GBP 750 if the returns are not filed within 6 months of the deadline.

Failure to submit information

Failure to submit information or documentation upon request by the Gibraltar tax authorities results in a fine of GBP 200 on the first day past the deadline and up to GBP 500 per day thereafter.

Incorrect Return

The filing of an incorrect return can result in a fine of GBP 300 and up to 200% of the underpaid tax due.

In cases of deliberate tax evasion or fraud, a fine of GBP 2,500, and up to 300% of the underpaid tax due will be imposed, and/or imprisonment of up to 3 years.

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