Malta Budget 2022: Key facts at your fingertips

Unlike his predecessor, Minister Caruana did not highlight in his introduction macro-economic figures, but immediately began to explain the proposed 2022 Budget measures.

Download our Malta Budget 2022 Review

The salient points and incentives that were proposed in the Malta Budget 2022 include the following:

• The 1.5% stamp duty applicable on the inter vivos transfer of business from ascendants to descendants will be extended once again
• An exemption from the payment of tax and from the payment of stamp duty on the 1st €750,000 in value of certain defined properties
• A grant of €15,000 will be given to first time buyers who acquire defined properties, and if the property is located in Gozo, the grant is doubled to €30,000
• A grant in respect of VAT paid on the cost of refurbishment and renovation of certain properties up to a maximum of €54,000 on the 1st €300,000 of costs;
• The previously enacted scheme of reduction in stamp duty rates for 1st time buyers, 2nd time buyers and acquisition of properties in Gozo will be extended.
• Part-time workers will be subject to a 10% tax rate (down from 15%).
• Overtime to non-managerial staff will be taxed at 15% on the first €10,000.
• Free childcare services will be extended to people working nights and shifts
• The Cost-of-Living adjustment will be of €1.75 a week
• A rental subsidy incentive will be extended to a larger number of businesses
• Pension income of pensioners who have reached pension age and still in employment will be disregarded when calculating the chargeable income for the year
• A push to recover Tax and VAT arrears as well as an increase in interest rates on late payments
• Incentives to stimulate the further creation of  a green economy.

For more detailed information about the Malta Budget 2022, click on the link below to download our Budget Review prepared by our tax experts.