Gibraltar Tax Tables 2024 - Tax Rates and Thresholds in Gibraltar
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This page contains the tax table information used for the calculation of tax and payroll deductions in Gibraltar in 2024. These tax tables are used for the tax and payroll calculators published on iCalculator™ GI, these tools are provided for your free use on our website. If you would like additional tax table information added to the tax calculators for Gibraltar or would like to add to or suggest amendments to the information herein then please contact us.
2024 Tax Tables [Quick Links]
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Gibraltar Personal Income Tax Tables in 2024
The Income tax rates and personal allowances in Gibraltar are updated annually with new tax tables published for Resident and Non-resident taxpayers. The Tax tables below include the tax rates, thresholds and allowances included in the Gibraltar Tax Calculator 2024.
Gibraltar provides an annual "Standard Deduction" that is deducted from your total income to produce your taxable income in Gibraltar in 2024:
Gibraltar Standard Deduction in 2024| Residence Status | Standard Deduction |
|---|
| Resident | $ 3,455.00 |
| Non-resident | $ 0.00 |
Gibraltar Residents Income Tax Tables in 2024
Personal Income Tax Rates and Thresholds (Annual)| Tax Rate | Taxable Income Threshold |
|---|
| Array% | Income from $ 0.01 | to | $ 1.00 |
| Array% | Income from $ 0.000.00 | to | $ 1.00 |
Gibraltar Non-residents Income Tax Tables in 2024
Personal Income Tax Rates and Thresholds (Annual)| Tax Rate | Taxable Income Threshold |
|---|
| Array% | Income from $ 0.01 | to | $ 1.00 |
| Array% | Income from $ 0.000.00 | to | $ 1.00 |
In Gibraltar, social security deductions made by employees are not deductible when calculating taxable income. This means that the contributions employees make towards the social security system are included in their gross income and are subject to income tax. Therefore, these social security contributions do not reduce the taxable income of employees, and the overall income tax liability is calculated on the gross income before any social security deductions are made. This approach aligns with Gibraltar's tax system, which typically does not allow for the deduction of social security contributions from taxable income.
Gibraltar Social Security and Payroll Deduction Rates in 2024
In Gibraltar, both employees and employers contribute to the social security system, which funds various benefits and services. The primary components of these contributions include pension, healthcare, and unemployment benefits.
Gibraltar Social Security in 2024: Rates for Employers and Employees| Category | Employee | Employer | Total |
|---|
| Social Insurance Contributions | 100% | 100% | 200% |
Gibraltar Social Security and Payroll Deduction in 2024: Earnings Thresholds for Employers and Employees| Category | Employee | Employer |
|---|
| Min. | Max. | Min. | Max. |
|---|
| Social Insurance Contributions | n/a | $ 676.08 | n/a | $ 1,508.04 |
Pension Contributions: Contributions towards pension funds are a significant aspect of social security deductions. These contributions are designed to provide financial support to individuals after retirement, ensuring a stable income during their later years.
Healthcare Contributions: Healthcare contributions provide medical benefits and access to healthcare services. This includes coverage for a range of healthcare needs, supporting the health and well-being of employees and their families.
Unemployment Benefits: Social security contributions in Gibraltar also fund unemployment benefits. These benefits offer financial assistance to individuals who are temporarily unemployed, supporting them during periods of job search and economic transition.
The social security system in Gibraltar plays a crucial role in ensuring the welfare and financial stability of the workforce. For employers, contributing to this system is mandatory and reflects their commitment to the welfare of their employees. This comprehensive approach to social security provides a safety net for employees, ensuring support across various life stages and circumstances.
Historic Tax Tables supported for Gibraltar
The following tax tables are supported by iCalculator™ GI as part of the suite of free tax tools we provide for Gibraltar.