Malta 2018 Budget | Audit and Advisory Services Malta | Griffiths + Associates

Malta 2018 Budget

The Minister for Finance presented the Budget for Malta for the year 2018.

The salient provisions were as follows:

  • Minimum wage earners see their remuneration rise by €3 a week
  • Workers will get an extra day vacation leave and a wage increase of €1.75 per week
  • All pensioners will get a €2 per week raise, and the non-taxable bracket being increased to €13,200 per annum
  • The small undertaking VAT exemption threshold will be increased from €14,000 to €20,000
  • The duty on documents exemption on the first €150,000 on the value of immovable property acquired by first-time buyers will be retained. A new reduction for second-time buyers will be introduced with a maximum reduced amount of duty of €3,000. Persons with disabilities see such reduced amount increased to €5,000. The reduced rates of duty on documents applicable to property acquired in Gozo – 2% – and property situated in an Urban Conservation Area – 2.5% – shall be retained for another year.
  • Tax refunds will be given to certain income earners falling within certain tax brackets, with the rebates ranging from €40 to €64.
  • The Micro-Invest assistance thresholds are being increased from €30,000 to €50,000 whilst those persons benefiting from the criteria currently applicable to assistance of up to €50,000 shall see the threshold increase by €70,000.
  • Tax credits granted to persons reading for post-graduate courses leading to a Masters or Ph.D. – a capped amount being set of €60,000 with certain conditions applying.
  • Introduction of an off-setting system for Maltese companies, allowing them to offset certain payments due to and from the Government.

Our company’s mission – to provide quality financial services to our esteemed local and international clients, keeping their needs at the centre of our ethos; going the extra mile to efficiently and effectively assist them in growing and fulfilling their business and personal needs.

Peter Griffiths – Managing and Tax Director
Peter Griffiths
Managing and Tax Director, Griffiths + Associates
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