The Gibraltar Chamber of CommerceThe Gibraltar Chamber of CommerceThe Gibraltar Chamber of CommerceThe Gibraltar Chamber of Commerce
  • HOME
  • MEMBERS DIRECTORY
  • JOIN US
    • MEMBERSHIP REGISTRATION
    • MEMBERSHIP RATES
  • SERVICES
    • BUSINESS ADVICE
    • EXPORT SERVICES & DOCUMENTATION
    • LOCAL MARKET STATISTICS
    • LOCAL MARKET RESEARCH
    • BUSINESS FACILITIES
  • WEB RESOURCES
    • PUBLIC HOLIDAYS 2023
    • USEFUL LINKS
  • NEWS & PUBLICATIONS
    • GIBRALTAR BUSINESS MAGAZINE
    • PRESS RELEASES
    • SURVEYS & RESEARCH
    • ANNUAL REPORTS
  • ABOUT US
    • BOARD OF DIRECTORS
    • CHAMBER COMMITTEES
    • CONTACT
JOIN NOW
✕

Chamber response to Budget measures

  • Home
  • NEWS/PUBLICATIONS
  • News & Publications
  • Chamber response to Budget measures
THE GIBRALTAR CHAMBER OF COMMERCE - Serving the best interests of Gibraltar’s trade and business communities for over 125 years.
Chamber welcomes new board member at AGM
THE GIBRALTAR CHAMBER OF COMMERCE - Serving the best interests of Gibraltar’s trade and business communities for over 125 years.
El impacto economico de la economia de Gibraltar en la del Campo de Gibraltar 2015
26 June 2015

The Chamber of Commerce is broadly pleased with the measures which were announced in this year’s budget. It is gratifying to see that many of the measures which the Chamber has been continuously lobbying the government to address for several years have now been adopted. The continued growth in the economy, the budget surplus, the GDP per capita figures, the growth in employment and tax take are all good news. The Chamber welcomes the desire of Government to support a vibrant private sector as the engine of the economy. The Chamber aspires to a growing private sector which is supported by a decreasing size of public sector to the extent that it is possible for e-government initiatives to provide efficiencies.

It is heartening that the economy continues to perform so well at the macro level.  The concern amongst our members is the fear of a growing disparity between the terms, conditions and salaries offered to public sector employees in comparison to the SME’s in the private sector.  Even well established companies have lost valuable staff to the public sector.  Many companies in the private sector simply cannot compete with the terms, conditions and increasing salaries offered by the civil service. We commented on this last year but it seems that this trend is still continuing.

There were a number of changes which the government announced that the Chamber believes will be helpful to many local businesses. The ongoing plea by the Chamber not to increase business costs has started to be addressed and we are pleased to note that there have been no increases to Social Insurance, electricity and water: Similarly, the Chamber has actively lobbied Government to abolish employers’ social insurance contributions in respect of an employee’s second employment and we are pleased that this has happened. The introduction of a £100 social insurance credit for companies with ten employees or less will also help a significant number of local businesses. The 150% training allowance is a novel way to encourage staff development and also help companies raise their profit levels although we note that this is for training leading to a professional qualification.  The Chamber is currently working on its pre-election wish list which will address the concern of many members who believe that whilst academic advancement is government funded, and now professional qualifications have some support, the cost of vocational training attracts little attention.  Furthermore, given the disparity between the terms offered to staff of public owned businesses and those offered by the private sector, staff trained by the private sector all too often move to the public sector to better their terms and conditions.  The Chamber will address this later in the year following further consultation with its members.

The Chamber also welcomes the initiatives to encourage new businesses such as the social insurance credit for start ups. This will be extended to firms employing up to 20 people in their first year of operation.

Levelling the playing field

For years the Chamber has banged the drum about having a level playing field for local businesses. This is especially the case when it comes to competing with unregistered and unlicensed traders who cross the frontier to work in Gibraltar but pay no taxes or social insurance. The Chamber will monitor with great interest the new pre-notification system to the Collector of Customs and hopes that this initiative functions well and genuinely levels the playing field for local businesses and consumers alike.

Once again the Chamber is concerned with ever increasing recurrent expenditure and questions whether there really is a need to give above inflation pay rises to the civil service given the many other benefits the public sector enjoys such as non-contributory pensions, year round family friendly hours and in many departments retirement at 55. This will only increase the polarisation between workers in the public and private sectors.

WE'LL CALL YOU BACK

Request a call from the Chamber





    LET'S TALK GIBRALTAR

    Contact the Chamber

    • - Corporate Tax rate of 12.5% of profits
    • - No withholding tax on interest, dividend or royalty payments
    • - No Capital Gains Tax
    • - No Inheritance Tax
    CALL US NOW

    + 350 200 78376

    SEND AN EMAIL

    info@gibraltarchamberofcommerce.com

    The Gibraltar Chamber of Commerce
    GET IN TOUCH
    • → + 350 200 78376
    • → info@gibraltarchamberofcommerce.com
    CHAMBERS
    • → About Us
    • → Members Directory
    POLICIES
    • → Privacy Policy
    • → Cookie Policy
    © Copyright 2022, Gibraltar Chamber of Commerce. All Rights Reserved.
    JOIN NOW
    We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
    Cookie SettingsAccept All
    Manage consent

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyse and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
    CookieDurationDescription
    cookielawinfo-checkbox-advertisement1 yearSet by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category .
    cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
    cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
    cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
    cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
    cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
    CookieLawInfoConsent1 yearRecords the default button state of the corresponding category & the status of CCPA. It works only in coordination with the primary cookie.
    viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
    Functional
    Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
    CookieDurationDescription
    S1 hourUsed by Yahoo to provide ads, content or analytics.
    Analytics
    Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
    CookieDurationDescription
    browser_id5 yearsThis cookie is used for identifying the visitor browser on re-visit to the website.
    iutk5 months 27 daysThis cookie is used by Issuu analytic system to gather information regarding visitor activity on Issuu products.
    Advertisement
    Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
    CookieDurationDescription
    NID6 monthsNID cookie, set by Google, is used for advertising purposes; to limit the number of times the user sees an ad, to mute unwanted ads, and to measure the effectiveness of ads.
    Others
    Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
    CookieDurationDescription
    COMPASS1 hourNo description
    SAVE & ACCEPT
    Powered by CookieYes Logo