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Import Impact
We need your input!
As details of the forthcoming Brexit treaty continue to emerge, one thing is already clear: Gibraltar’s businesses will soon be paying more to import goods…
A new transaction tax is set to begin at 15%, rising potentially to 17% over the course of three years. In addition, some businesses may also face tariffs on goods imported from third countries, which could include goods arriving from the UK but manufactured outside of the UK or EU. That 12% tariff, combined with the transaction tax, could mean an effective increase of up to 29% on the cost of importing goods into Gibraltar, a dramatic change from the current position, where many businesses pay 10% or less in import duties.
Far reaching consequences
These changes could have far-reaching consequences for Gibraltar’s economy, particularly for businesses that rely on imported goods. The GFSB is working to gather data on how these new charges will impact local enterprises, with the goal of providing informed feedback to government and ensuring that the interests of small businesses are properly represented.
To achieve this, we are asking our members to take part in a short, confidential survey designed to help us understand the potential effects of the transaction tax and tariffs across different sectors. All information collected will remain strictly confidential to the GFSB. Individual business data will not be shared with any third party, and all survey responses will be combined into aggregated figures to preserve anonymity and protect commercially sensitive information.
We need your views!
This is a hugely important issue for Gibraltar’s business community, and we encourage all members to engage and contribute. Your input will strengthen the GFSB’s ability to lobby for policies that minimise negative impacts and ensure that the Brexit agreement is implemented in the most beneficial way possible for local enterprises.
If you would like to take part in the survey, please complete our simple questionnaire. For any questions, you can contact us via gfsb@gfsb.gi
Thank you for your continued support — together, let’s do great business for Gibraltar.
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