Malta | Government Budget 2022

The Maltese Government’s Budget 2022 – 11th October 2022 (evening sitting 6:00PM)

Relevant government budget 2022 measures

• Cost of Living Allowance (COLA) – increase of €1.75 per week commencing January 2022 (payable to all employees, pensioners and persons on social benefits) – view 2022 COLA
• Stipends to students shall increase by 10%
• Bonus and weekly allowance for 2022 to remain fixed as in 2021 – view bonuses for March, June, September and December
• No changes in the Malta resident status tax rates for 2022 – view 2022 resident status tax rates
• No changes in indirect taxes
• Rate of tax for artists shall be €7.5% as of the year 2022
• Tax refunds to increase in 2022 according to tax bands for all taxpayers earning less than €60,000.  Minimum tax refund €60; Maximum tax refund of €140
• Tax on income from over-time employment shall be taxed at 15% on the first €10,000 of overtime income earned in 2022 as long as basic wage does not exceed €20,000 p.a. and on the condition that employee does not work in a managerial position
• Tax on part-time employment (TA22 scheme) shall be taxed at 10% on the annual net profit of 2022 instead of at 15%
• 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
• Supplementary benefit for married persons who earn not more than €14,318 is to increase from €3.37 to up to €6.50 per week
• Supplementary benefit for single and widowed persons who earn not more than €10,221 is to increase from €4.10 to up to €5.00 per week
• Maximum pension to reach €14,318
• Service pensions to increase by €200 per annum
• Bonuses for pensioners shall increase by €2.50 per week
• Pensioners who do not qualify for a pension shall have their annual bonus increase of €150
• Certain prescribed medicines for persons aged 80+ who receive a supplementary benefit shall be free of charge
• Persons in residential homes or still living at home shall receive a 2022 grant of: €300 p.a. for persons aged 75 to 79; €400 p.a. for persons aged 80 and over
• Birth and adoption one time bonus will increase by €100 to reach €400
• Allowances for children with disabilities will increase by €5 weekly to reach €1,560 p.a.
• Grants for carers of persons with severe disabilities to increase by €300 p.a. to reach €500 p.a.
• Grants for home carers to increase by €1,000 p.a. to reach €7,000 p.a.
• Home Helper of Your Choice Scheme to increase by €1.50 per hour to reach €7.00 per hour
• Pensioners who paid more than 10 years social security contributions and are not eligible for a pension shall start receiving a minimum state pension
• Persons who have no records and no records have been found at the social services department of their contributions shall be allowed to pay up to 5 years arrears of these missing contributions for the years they were in employment
• Persons who have reached the age of 59 and who are receiving an invalidity pension shall be allowed to pay up to 5 years arrears of missing social security contributions
• Capital gains and stamp duty exemptions of 50% will be granted on the sale of properties sold by the lessor of properties which were rented under affordable rates under a Housing Authority Scheme for at least 10 years
• Capital gains and stamp duty exemptions will be granted on the sale of properties sold by the lessor to the lessee tagged on properties which were rented under affordable rates under a Housing Authority Scheme for at least 10 years (Other incentives apply for properties rented for 3 to 10 years)
• In-work benefit shall increase by €150 p.a. for employees whose basic wage does not reach €20,000 only in selected employment sectors
• Pensioners who continue working shall be exempt from tax on their pension
• In-work benefit thresholds to increase in 2022 to: €50,000 for working couples; €35,000 for working single parents; €35,000 for couples when only one is gainfully employed
• Student stipends shall still be paid to students if they work not more than 25 hours per week
• Unabsorbed Capital Allowances not absorbed in 2020 and 2021 by a company may be transferred to another company in the company’s group (a temporary measure for Y/A 2022, basis 2021)
• Interest rate on tax and VAT balances unpaid shall be increased to 7.2% p.a.
• 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%
• Social Enterprise Act is to be passed through parliament
• Exemptions on duty on documents on sale of vacant premises shall be introduced from the 12th October 2021 on the first €750,000 of the selling price (other conditions apply), while first time buyers of the same property shall receive a grant of €15,000 for properties in Malta and €30,000 for properties in Gozo.  These properties attract a VAT refund on restoration work to a limit of €54,000
• The financial incentive to purchase an electric or plug-in hybrid vehicle shall be increased to reach €11,000 and €12,000 in case of the use of the scrappage scheme
• Gozo scrappage scheme shall be increased to reach €2,000
• New photovoltaic installations on minibuses, coaches and trucks shall benefit from a grant of €900
• As from October 2022 public transport for Maltese Nationals and Residents shall be free of charge
• 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 2022
[icon name=”download” iconsize=”small” iconcolor=”” background=”true” backgroundcolor=”” ] Financial Estimates 2022
[icon name=”download” iconsize=”small” iconcolor=”” background=”true” backgroundcolor=”” ] Economic Survey 2021
[icon name=”download” iconsize=”small” iconcolor=”” background=”true” backgroundcolor=”” ] Government Pre-budget document 2022
[icon name=”play” iconsize=”small” iconcolor=”” background=”true” backgroundcolor=”” ] Watch again