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Malta | Budget 2017 – Pensioners – Tax Rebate

Malta | Budget 2017 – Pensioners – Tax Rebate

Legal Notice 42 of 2017 has clarified the Government Budget 2017 measures on Pensions. The Legal Notice does not mention exemptions but tax rebates allowable as a set-off. The tax rebates allowed against taxed income earned in the year 2017 shall in no case give rise to a tax refund and shall not be allowed to be carried forward to following years.

The workings for the tax rebate for pensioners over 61 years of age are the following:

Persons applying the Single Tax Rates with pension exceeding €9,100:
Pension Tax Rebate = [(Pension Income – €9,100) * 0.15]
Condition: Maximum tax rebate cannot exceed €210

Persons applying the Parent Tax Rates with pension exceeding €10,500:
Pension Tax Rebate = [(Pension Income – €10,500) * 0.15]
Condition: Maximum tax rebate cannot exceed €150

Persons applying the Married Tax Rates with pensions exceeding €12,700:
Pension Tax Rebate = [(Pension Income – €12,700) * 0.15]
Condition: Maximum tax rebate cannot exceed €45
An additional further tax rebate is being granted for pensioners earning additional taxable income:
Total Tax Rebate = [(Total Income – €12,700) * 0.15] – [Pension Tax Rebate as above]
Condition: Maximum tax rebate cannot exceed €75

  Government Budget 2017 Highlights   Click here for full Government Budget 2017 Highlights

Downloads:
  Budget 2017 Speech in Maltese

Links:
  Relevant Government budget measures 2017
  Relevant Government Budget 2017 measures affecting pensioners
  Relevant Government Budget 2017 measures affecting 1st time buyers

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