The 2015 Malta Budget has been presented in Parliament on Monday 17th November 2014. This document highlights the main fiscal measures as well as the latest economic statistics on the Maltese economy.
The Maltese economy is expected to grow by 3.5% in 2015 compared to 1.2% in 2014. By the second quarter of 2014, employment in Malta increased by 3%, one of the highest in Europe with the unemployment rate standing at 6.4%.
The following are the main highlights:
- Reduction of the top progressive income tax rate for individuals from 29% to 25% on income up to €60,000
- The removal of the capital gains tax system upon transfers of immovable property and the introduction of a final-tax system on all property transfers
- Changes in motor vehicle registration tax
- Introduction of a vehicle scrappage scheme
- Measures to increase employment
- Reduction of commercial water and electricity bills
- Changes to VAT registration rules
- Major changes to the Eco-Contribution regime
- Transport measures aimed at combatting traffic congestion