Taxation

  • Income tax on government pensions and private pensions up to €13,000 will be removed next year
  • A €1.75 wage increase as part of the cost of living adjustment
  • Low-income people will actually be getting a raise of €4 per week through improvements to the in-work benefit and the supplementary allowance

  • Income tax on dividends paid to investors on the Malta Stock Exchange will be waived, and the government will introduce savings bonds a special rate targeted at pensioners

  • The price of cigarettes will go up by some 30 cents - the same as last year

  • New duties on non-alcoholic drinks (excluding water) and building materials including steel rods, glass and tile

 

Property

  • €5,000 tax concession for first-time property buyers will stay in place.

  • Incentives for those who buy property which needs renovation in urban conservation areas

  • Tax on Gozo property purchases is going down to two per cent instead of five per cent

  • Low-income tenants will have their rent subsidy doubled. Rents on social housing will be reversed to what they were in 2013

Transport

Infrastructure

  • New primary schools planned for St Paul's Bay, Marsascala and Victoria

  • Call for proposals for the design, building and operation of the Gozo tunnel will be issued next year. A contract will be awarded for a fast ferry service between Valletta and Mgarr

  • A new fibre-optic link will be laid between Malta and Marseille, France, to reduce dependence on a hub in Italy

  • A new national oil company will be set up to handle oil exploration efforts.

  • Pinto Wharf to be extended by 12 metres to cater for bigger cruise liners in Grand Harbour. Deep Water Quay will also be extended

  • A Food Manufacturing Centre will be set up at the former Dowty site in Mriehel

Social welfare 

  • Increases in the allowances to people who care for their parents or infirm relatives at home and those who receive the in-work allowance.

 

 Read the Budget in full in the Maltese text on pdf below.

Attached files

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