Malta | Government Budget 2018

The Maltese Government’s Budget 2018 – 9th October 2017 (evening sitting 6:00PM)

Click image for budget speech 2018

Relevant government budget 2018 measures:

• Cost of Living Allowance (COLA) – increase of €1.75 per week commencing January 2018 – view 2018 COLA
• Bonus and weekly allowance to remain fixed as in 2017 – view bonuses for March, June, September and December
• Malta resident status tax rates for 2018 – view 2018 resident status tax rates
• Pensioners receiving contributory and noncontributory pensions to receive €2 per week increase in their pensions
• Service pension shall increase by €200 and shall be deducted from the social security pension
• Working pensioners aged 62 – 65 who pay their social security contributions will have their pensions revised at age 65
• Pensioners who have not yet reached the age of 65 and work part-time may opt to pay a social security contribution of 15% on their income rather than the minimum contribution
• Pensioners aged 75 years and over shall retain the annual €300 grant on the condition that they live in their own home
• Tax ceiling for pensioners will increase to €13,200
• All persons earning less than €60,000 per annum will receive a tax refund of between €40 and €68
• Employee vacation leave in 2018 is to increase by from 192 hours to 200 hours per annum, in compensation of public holidays falling on an employee’s day of rest
• First-time buyers scheme on residential property to be retained in 2018
• Second-time buyers scheme on the purchase of the second residential property (on condition that the first residential property is sold) shall be introduced; new owners to receive a refund on the transfer duty paid up to a maximum of €3,000 (€5,000 in case of persons with disability)
• Free school transport to be introduced for children attending government, church and independent schools for 2018/2019 after study is undertaken
• Children of ages 16 to 20 will get a free 1 year bus pass
• MATSEC and SEC exam fees will be halved in 2018 and removed altogether in 2019
• Fiscal incentives shall be offered to persons who have read a Masters or a Ph.D. as of the academic year 2017/2018, yet this scheme shall not be available for persons who have already benefitted from study related schemes
• Ex-gratia payments shall be paid to persons who registered their motor vehicles in 2007
• VAT exempt thresholds to increase from €14,000 to €20,000
• Fines on tax evasion shall be increased
• In-Work benefit schemes to be revised upwards
• Employees working in the Community Worker Scheme shall receive an extra €200 per month
• Carer allowance shall increase by €8.15 per week
• Child adoption reimbursement shall reach a maximum of €10,000
• Orphans allowance shall be paid to all children aged 21 and under irrespective of whether they are in gainful employment or not
• Foster care allowance to increase from €70 to €100 per week
• Persons receiving a contributory pension on the demise of their spouse and who still have a dependent child under the age of 23 shall start receiving sickness benefits
• Alimony received by the spouse and/or children shall not be considered as income for calculations based on means testing
• Drug and alcohol abusers shall receive an allowance of €40 per week (an increase of €10 per week)
• In-Work maximum benefit for one working parent with dependent children below the age of 23 earning between €6,600 to €16,500 in 2018 shall be from €450 to €75 per child (2017 – €350 to €52)
• Private property owners shall be offered a maximum of €25,000 to rehabilitate unused properties on the condition that the property is rented to the Housing Authority for a period of 10 years for social housing purposes
• Special incentives available to persons in social housing who to move to a care home and who give up their housing accomodation
• Government shall be issuing a White Paper on affordable housing which will look at regulating the rent legislation including facilitation of eviction procedures and a Deposit Retention Scheme
• The refund scheme on the VAT paid on the purchase price of a bicycle and electric bicycle shall remain in force
• Cash refunds shall be granted on the purchase of motorcycles, scooters and electric bicycles up to a maximum of €400
• Electric bicycles shall be exempted from VAT
• Rental of bicycles shall attract VAT at 7% rather than the current 18%
• Electric and hybrid vehicles shall be exempt from road licence for a period of 5 years (certain conditions apply) up to a maximum of €200,000 for businesses
• Purchase of wheelchair accessible taxis shall benefit from a maximum grant of €10,000
• MicroInvest tax credit scheme to be increased from €30,000 to €50,000 for businesses based in Malta; tax credit scheme of up to €70,000 for businesses based in Gozo and businesses whose owners are women
• The MicroInvest tax credit scheme shall be available to businesses with more than 50 employees
• Gozitan businesses employing persons under contract for a minimum of 3 years shall be offered a grant of 30% of the average pay, up to a maximum of €6,000
• Offsetting of amounts payable and amounts receivable between businesses and government
• Online submissions of FSS forms shall be extended to businesses employing 10 employees and over
• No increase in excise duty on cigarettes, tobacco and alcohol

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Downloads:
[icon name=”download” iconsize=”small” iconcolor=”” background=”true” backgroundcolor=”” ] Government Budget document 2018
[icon name=”download” iconsize=”small” iconcolor=”” background=”true” backgroundcolor=”” ] Government Pre-budget document 2018
[icon name=”download” iconsize=”small” iconcolor=”” background=”true” backgroundcolor=”” ] Draft Financial Estimates 2018
[icon name=”download” iconsize=”small” iconcolor=”” background=”true” backgroundcolor=”” ] Economic Survey 2017

Links:
[icon name=”link” iconsize=”small” iconcolor=”” background=”true” backgroundcolor=”” ] Tax Rebate on Pensions explained
[icon name=”link” iconsize=”small” iconcolor=”” background=”true” backgroundcolor=”” ] Relevant Government budget measures 2017
[icon name=”link” iconsize=”small” iconcolor=”” background=”true” backgroundcolor=”” ] Relevant Government Budget 2017 measures affecting pensioners
[icon name=”link” iconsize=”small” iconcolor=”” background=”true” backgroundcolor=”” ] Relevant Government Budget 2017 measures affecting 1st time buyers