Malta | Government Budget 2021

The Maltese Government’s Budget 2021 – 19th October 2020 (evening sitting 6:00PM)

Relevant government budget 2021 measures

• Cost of Living Allowance (COLA) – increase of €1.75 per week commencing January 2021 (payable to all employees, pensioners, persons on social benefits and pro-rata on stipends to students ) – view 2021 COLA
• Bonus and weekly allowance for 2021 to remain fixed as in 2020 – view bonuses for March, June, September and December
• No changes in the Malta resident status tax rates for 2021 – view 2021 resident status tax rates
• No changes in indirect taxes, except that VAT exempt thresholds are to increase from €20,000 to €30,000
• Employee vacation leave in 2021 is to increase from 216 hours (27 days) to 224 hours (28 days) per annum after the budget this figure was corrected to 216 hours (27 days)  in compensation of public holidays falling on an employee’s day of rest
• Tax refunds to increase in 2021 according to tax bands for all taxpayers earning less than €60,000.  Minimum tax refund €40; Maximum tax refund of €95
• Covid-19 vouchers scheme to be introduced per person aged 16 and over – €60 for accommodation and restaurants and €40 for retail and services
• Children Allowance Supplement to increase in 2021 for children under age 16 – €70 for each child, for families with income less than €25,318 and €50 for each child, for families earning more than €25,318
• Work benefit thresholds to increase in 2021 to: €35,000 for working couples; €23,000 for working single parents; €26,000 for couples when only one is gainfully employed
• Foster Case Allowance to increase by €520 p.a. to reach €5,720 in 2021
• Local adoption grant in 2021 shall reach a maximum of €1,000
• Pensions will increase by €3.25 per week in 2021 which when added to the COLA of €1.75 will result in an effective increase of €5.00 per week
• Tax ceiling on pension income shall be increased to €14,058 in 2021.  Couples, both receiving a pension who apply the married tax rates shall benefit from an extra tax ceiling on €3,600 of non-pension income
• Supplementary allowances shall increase in 2021:  Minimum €70; Maximum €108
• Additional supplement of €150 p.a. shall be paid to all persons aged 65 and over in 2021
• Persons aged 65 and over who paid social security contributions but are not entitled to a pension shall receive a bonus in 2021 of: Minimum €250; Maximum €350 depending on the number of years of contributions paid in the past
• Persons in residential homes or still living at home shall receive a 2021 grant of: €300 p.a. for persons aged 75 to 79; €350 p.a. for persons aged 80 and over
• Persons born before 1962 shall have their national insurance contributions paid before the age of 19 eligible for minimum pension calculation
• Widow and widower status to be granted to surviving partners in a civil union and cohabitation
• Service pensions shall increase in 2021 by €200 p.a.
• Maximum full-time or part-time home carer allowance for the elderly shall increase from €5,921 to €6,000 p.a. in 2021
• Parents who have to care for their 16+ disabled children and therefore cannot continue be gainfully occupied shall be entitled to a Carer entitlement of €300 p.a.
• Free transport for tal-Linja card holders aged 70+ in 2021
• Third Pillar Pension deduction on taxable income: Maximum €3,000 p.a. in 2021
• The schemes known as first-time buyers, second-time buyers, vacant property in urban conservation areas, property purchased in Gozo and refund of expenses on restored buildings are to be retained in 2021.  First time buyers shall be exempt from paying stamp duty on the first €200,000 of the purchase price as from the 20th October 2020.
• The stamp duty rate of 3.5% shall be applicable on the first €200,000 of inherited own residential property and on the acquisition of residential properties.
• Donations of property by parents to their children for the use as their private residence shall be exempt from stamp duty on the first €250,000 while the stamp duty on the property value above €250,000 shall be at 3.5% in 2021
• The rate of stamp duty on the transfer of immovable property shall remain reduced from 5% to 1.5% on the first €400,000, while the Capital Gains Tax shall remain reduced from 8% to 5% on the condition that the promise of sale is signed by the 31st March 2021 and the contract of sale is signed by the 31st December 2021
• In 2021 assignment of rights on a promise of sale on immovable property shall be taxed at a final withholding tax of 15%
• Duty on documents on the transfer of company shares (family businesses) from parents to children shall remain the same as in previous years at 1.5% instead of the regular 5%
• Final withholding tax on royalties on sale of books shall be taxed at 15%
• Covid-19 wage supplement shall extend to March 2021
• Motor vehicle scrappage scheme in 2021 to reach a maximum of €7,000
• Road licences for motorcycles between 125cc and 250cc will be reduced from €65 to €25
• Grant on taxi replacement with taxis with wheelchair access: €10,000
• No increase in excise duty on cigarettes, tobacco and alcohol

Intake http://icks.org/n/data/ijks/1482456493_add_file_4.pdf cheapest levitra of best herbal semen volume enhancer supplement regularly for three to four months duration. It has cialis professional no prescription become a common cause for cardiovascular diseases and diabetes. Read the fine print and you’ll discover that most of them do not seek medical advice for their condition. discount viagra canada Some of them are: * cheapest price on viagra* Silagra tablets * Caverta tablets These medications are also known as generic drugs because generic medicines differ in color and diamond shaped with strength of dose written on its front.
Downloads:
[icon name=”download” iconsize=”small” iconcolor=”” background=”true” backgroundcolor=”” ] Government Budget document 2021
[icon name=”download” iconsize=”small” iconcolor=”” background=”true” backgroundcolor=”” ] Draft Financial Estimates 2021
[icon name=”download” iconsize=”small” iconcolor=”” background=”true” backgroundcolor=”” ] Economic Survey 2020
[icon name=”download” iconsize=”small” iconcolor=”” background=”true” backgroundcolor=”” ] Government Pre-budget document 2021