Malta Budget 2022
Download the full budget report by clicking here:
Budget 2022 Pointers:
- Malta's unemployment rate went from 3.6% in 2019 to 3.2% in August this year despite the Covid 19 Crisis
- EUR 24 million increase in pensions. Pensions will rise by €5 a week i.e. a €1.75 COLA increase coupled with a €3.25 weekly increase Supplementary allowances will rise up to €6.50 per week, depending on income
- Service pensions are going to go up by €200. Cost of living bonuses will be paid to everyone who retired from 2008 onwards
- Free medicine for senior citizens over 80 years old (who are eligible for a supplementary allowance)
- Grant to new parents increased by EUR100. A grant given to new parents that currently stands at EUR300 will be increased to EUR400.
- Part-time workers and social security contributions - for a better pension. Part-time workers will now be allowed to pay social security contributions on more than one part-time job (up to 40 hours a week of employment).
- Tax Benefits for pre-1995 rent houses. Pre-1995 rent housing valued at up to EUR250,000 that needs structural repairs will be eligible for subsidies of up to EUR25,000.
- New workers' benefits introduced. Workers who work nights and weekends (i.e. atypical hours) and earn up to €20,000 a year will get a €150 in-work benefit.
- Tax on part-timers to be reduced from 15% to 10%.
- Income earned by working pensions will not be subject to tax in 5 years' time
- Free childcare extended even to those working night shifts
- This year's Cost-of-Living-Adjustment will be EUR 1.75 a week
- Increase in Stipends: 10% increase in stipends announced, whilst students can even work up to 25 hours per week without forfeiting their stipends
- Incentives for Businesses: Companies with unused capital allowances for 2020 or 2021 will be eligible for a tax reduction benefit. Fiscal incentives to encourage companies to reinvest profits in their own businesses were also announced.
- Start-up visas Announced: In a bid to attract start-ups to Malta, start-up visas have been announced. Malta Enterprise will work with Community Malta to develop the programme, to attract non-EU entrepreneurs.
- Tax incentives when inheriting a business. Passing on a family business to a relative will now only mean 1.5% in stamp duty, rather than 5%
- Sale of old properties will not be taxed: There will be no capital gains tax or stamp duty on the sale of properties that are more than 20 years old and abandoned for the past seven or more. These properties have to be in UCA zone or built in Maltese traditional style
- Restoring old properties - VAT Refunds. Restoring an old property or a property within a UCA? VAT refunds will be given on the first EUR 300,000 - saving up to EUR54,000 in VAT
- Free Public Transport for everyone by October 2022
- Benefits for low-polluting cars: Grants for plug-in hybrids will rise by EUR 3,000, whilst for electrics, the grant will be EUR 11,000 (rising to EUR 12,000 if you scrap an old car)