The Minister for Finance presented the Budget for Malta for the year 2018.
The salient provisions were as follows:
- Minimum wage earners see their remuneration rise by €3 a week
- Workers will get an extra day vacation leave and a wage increase of €1.75 per week
- All pensioners will get a €2 per week raise, and the non-taxable bracket being increased to €13,200 per annum
- The small undertaking VAT exemption threshold will be increased from €14,000 to €20,000
- The duty on documents exemption on the first €150,000 on the value of immovable property acquired by first-time buyers will be retained. A new reduction for second-time buyers will be introduced with a maximum reduced amount of duty of €3,000. Persons with disabilities see such reduced amount increased to €5,000. The reduced rates of duty on documents applicable to property acquired in Gozo – 2% - and property situated in an Urban Conservation Area – 2.5% - shall be retained for another year.
- Tax refunds will be given to certain income earners falling within certain tax brackets, with the rebates ranging from €40 to €64.
- The Micro-Invest assistance thresholds are being increased from €30,000 to €50,000 whilst those persons benefiting from the criteria currently applicable to assistance of up to €50,000 shall see the threshold increase by €70,000.
- Tax credits granted to persons reading for post-graduate courses leading to a Masters or Ph.D. – a capped amount being set of €60,000 with certain conditions applying.
- Introduction of an off-setting system for Maltese companies, allowing them to offset certain payments due to and from the Government.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.