4 November 2013

Malta's full Budget - the top 10, and the rest of 2014's measures

MaltaToday 04/11/2013: Budget 2014 as delivered in the House today by finance minister Edward Scicluna
Top 10 items that will affect your life in 2014
  • Cost of Living Increase set at € 3.49
  • 25% decrease in electricity rates in March
  • Cigarettes to increase by 30 cents a packet
  • Alcohol to increase by 40 cents by litre
  • 1 cent increase in price of petrol
  • Top rate of income tax to decrease from 32% to 29%
  • Tax free bracket for parents to increase from € 9300 to € 9800
  • Eligibility for reduced 15% part time  tax rate to increase from € 7000 to € 10000 and to €12,000 for part-time self employed
  • Free childcare services
  • 'Investment registration scheme' for people with undeclared monies or funds against payment of unspecified fine
Fiscal measures
No new taxes introduced, but the rate of excise on cigarettes, tobacco, fuel, beer and alcohol and on oil bunkering has been raised. All excise tax starts as of today, while fuel excise is increased on 1 January 2014. The only difference is that the price of diesel will not be increased because the government has negotiated stable pricing for the...read on.