Malta | Government Budget 2023 – in simple words
The Maltese Government’s Budget 2023 – 24th October 2023 (evening sitting 6:00PM)
Relevant government budget 2023 measures
- Cost of Living Allowance (COLA) – increase of €9.90 per week commencing January 2023 (payable to all employees, pensioners and persons on social benefits) – view 2023 COLA and cost to employer for 2023
- Pensions to increase by €12.50 per week including COLA
- Stipends to students shall increase pro rata
- A new basket mechanism to the COLA shall be introduced for vulnerable families when the global inflation rate for 12 months increases more than 2%
- Employee Bonus and weekly allowance for 2023 to remain fixed as in 2022 – view bonuses for March, June, September and December
- No changes in the Malta resident status tax rates for 2023 – view 2023 resident status tax rates
- No changes in indirect taxes
- Energy prices to remain unchanged in 2023
- No price controls on consumer goods are to be introduced
- Maximum pension to reach €14,968
- Married pensioners will not be taxed on their other income up to €3,600
- Service pensions to increase by €150 per annum
- Persons with certified mental health shall be given 2 years social security contributions if they did not work some time when they were 18 to 30 years old
- An increase in the bonus of €50 shall be given to persons who are not entitled for a pension
- The bonus for persons entitled to a pension but have no right for a pension and who paid less than 5 years social security contributions shall increase to €450 in 2023
- The bonus for persons entitled to a pension but have no right for a pension and who paid more than 5 years but less than 10 years social security contributions shall increase to €550 in 2023
- Children allowance shall increase by €90 per child in 2023
- Tapering of Foster Care Allowance shall be introduced
- An increase of €20 monthly benefit shall be given to Coeliacs
- Persons receiving social assistance shall receive €9.90 per week
- Carers grant to be adjusted
- Tax credit of €200 shall be given to parents with children with disabilities
- Rent benefit per month shall be capped(€500 – 1 bedroom, €600 – 2 bedrooms, €700 – 3 bedrooms)
- Tax refund for 2023 to be between €60 and €140 p.a.
- Tax on pensions shall be adjusted further in 2023
- Tax on royalties for authors and co-authors shall be 7.5%
- The introduction of a Due Diligence repository is being studied
- Tax credits for social enterprises shall be introduced through the Micro Invest Scheme up to €70,000 over 3 years
- Stamp duty on share transfers shall be decreased from 5% to 1.5% when transfer are made under the Family Business Act
- No increase in excise duty on cigarettes, tobacco and alcohol
Downloads:
[icon name=”download” iconsize=”small” iconcolor=”” background=”true” backgroundcolor=”” ] Watch pre-budget document 2023 launch
[icon name=”download” iconsize=”small” iconcolor=”” background=”true” backgroundcolor=”” ] Government Pre-budget document 2023
[icon name=”download” iconsize=”small” iconcolor=”” background=”true” backgroundcolor=”” ] Budget 2023 consultation
Relevant Government of Malta Budget Measures 2023
For official information on the 2023 Malta Government Budget Measures, contact free phone helpline153 from Malta or +35621255153 from outside Malta
Once you start receiving pension at the age 61, do you still have to pay NI if you keep on working?
If you retired at 61 and started receiving a pension because you were born on or before 31st December 1951 then must be 65 years or older. In the case that you are over 65 and are in employment then no Social Security Contributions are payable and the employer is not obliged to pay the maternity fund contribution.
If on the other hand you have retired before your official retirement age, as indicated in this link, and you continue working you will lose your pension until you reach your official retirement age. If you decide to work anyway you will have to pay your National Insurance Contributions until you reach your official retirement age. Once you reach your official retirement age you will not have any NI deducted and you will start receiving your pension again.
I want to know what was my total pension earnings and how much I paid income tax for 2017 on my pension earnings.
Where do I get this information from?
I suggest you visit your district office or contact the department on freephone 153