Malta Budget 2021: What the Budget means for you
The Malta Budget 2021 was presented in Parliament by the Hon. Min. Edward Scicluna, Finance Minister of Malta, on Monday 19 October 2020.
During the evening of the 19 October, the Hon. Min. Scicluna addressed parliament and presented the Malta Budget 2021. He started off by giving an overview of Malta’s economic performance over the year, followed by a series of measures and initiatives that the Government will be implementing during 2021.
The salient points and incentives that were proposed in the Malta Budget 2021 include the following:
- Further extensions to certain duty exemptions and reduced rates of duty;
- Improvements and extensions to current social benefits;
- A cost of living increase to €1.75 per week;
- A 15% rate of tax on gains made on transfers of a promise of sale;
- An extension of the 1.5% rate of duty on transfers of business assets to one's children in a family business
- An extra day of annual vacation leave;
- Minor tax refunds to taxpayers.
- Certain social benefits for the elderly and the neediest
- COVID related business incentives and schemes aimed to stimulate spending
- Extension of existing Malta Enterprise managed incentives such as Micro-invest
- Incentives aimed at creating a Green economy
Watch our video for the salient points & download our review to learn more!
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Ruth Farrugia Tax Director - Birkirkara
