News from the 2017 Budget announced last night
Last night the Maltese Minister for Finance Prof Edward Scicluna has presented the Budget for 2017.
Below are the highlights from this Budget:
€5,000 tax concession for first-time property buyers will stay in place.
Incentives for those who buy property which needs renovation in urban conservation areas
Tax on Gozo property purchases is going down to two per cent instead of five per cent
Low-income tenants will have their rent subsidy doubled. Rents on social housing will be reversed to what they were in 2013
Income tax on government pensions and private pensions up to €13,000 will be removed next year
A €1.75 wage increase as part of the cost of living adjustment
Low-income people will actually be getting a raise of €4 per week through improvements to the in-work benefit and the supplementary allowance
Income tax on dividends paid to investors on the Malta Stock Exchange will be waived, and the government will introduce savings bonds a special rate targeted at pensioners
The price of cigarettes will go up by some 30 cents – the same as last year
New duties on non-alcoholic drinks (excluding water) and building materials including steel rods, glass and tile
Tax credits for employers who set up occupational pension schemes
Free tallinja bus card for a year for everyone turning 18 in 2017
Incentives for private companies which organise transport for their workers
Plans for widening of part of the Hamrun bypass and improvements to the Mosta junction
Private sector to invest in a new school for foreigners at the former Mtarfa Hospital
Plans for a new breakwater in Marsamxett, a mother-and-child hospital, and schools in Victoria, Marsascala and St Paul’s Bay
New primary schools planned for St Paul’s Bay, Marsascala and Victoria
Call for proposals for the design, building and operation of the Gozo tunnel will be issued next year. A contract will be awarded for a fast ferry service between Valletta and Mgarr
A new fibre-optic link will be laid between Malta and Marseille, France, to reduce dependence on a hub in Italy
A new national oil company will be set up to handle oil exploration efforts.
Pinto Wharf to be extended by 12 metres to cater for bigger cruise liners in Grand Harbour. Deep Water Quay will also be extended
A Food Manufacturing Centre will be set up at the former Dowty site in Mriehel
Increases in the allowances to people who care for their parents or infirm relatives at home and those who receive the in-work allowance.
€1m fund for schoolchildren with a difficult upbringing or a deprived background
Should you need further information about the property-related measures and how these could affect you, kindly contact us by phone or email us your query on [email protected]