Malta’s Finance Minister, Edward Scicluna has delivered his Budget Speech for the year 2014. The following are the main highlights from his speech:
- Reduction of top progressive income tax rate for individuals from 32% to 29% on income up to €60,000;
- Widening the tax-free bracket in the case of single and parent tax computations;
- Introduction of an investment registration scheme;
- Increase in the ceiling for part-time work, now to be taxed at 15%;
- Final Withholding tax of 15% on rental of residential property;
- Increase in tax deduction for payment of childcare facilities;
- Changes in motor vehicle registration tax;
- Introduction of a vehicle scrappage scheme;
- Measures to increase employment;
- Changes in allocation of VAT payments; and
- Reduction of domestic water and electricity bills.
