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Malta Budget 2022 Highlights

Malta Budget 2022 Highlights

29/10/2021
A summary with highlights of the key fiscal and economic measures of the Malta Budget 2022.

The newly announced measures for Malta’s budget 2022 delivered on the 11th October 2021 provides for a number of new incentives as well as grants extension to the current applicable schemes.


Businesses’
  1. Unabsorbed capital allowances generated during financial year 2020 and financial year 2021 can be used to set off intra-group income during financial year 2021.
  2. Duty applicable to transfers intervivos of family businesses to descendants of the family to continue being subject to a reduced rate of 1.5%.
  3. Range of businesses entitled to the rent subsidy to be widened.
  4. Malta Enterprise to introduce a tax benefit applicable to businesses which invest in eligible projects of that same business or investments in other businesses.
  5. Malta shall launch a new ‘Start-up Visa’ which will offer start-ups a flexible method to move their location to Malta.
  6. Malta Enterprise shall set up the Blue Med Hub with experts to attract local and foreign start-ups and SMEs.


Property
  1. Exemption from income tax on capital gains and duty on documents and transfers on the first €750,000 of the price of properties (applicable also to properties where a promise of sale has already been entered but final contract has not been signed) which:
    1. were built more than 20 years ago and which have been vacant for more than 7 years;
    2. are built in an UCA; or
    3. are new properties and are built in a typical and traditional Maltese style and architecture.
  2. First time buyers buying qualifying properties will receive a grant of €15,000, increased to €30,000 in respect of properties situated in Gozo.
  3. Persons who will own or who already own qualifying properties as above, may benefit from a VAT Refund of up to €54,000 on the first €300,000 expenses incurred for the restoration and improvement of such properties.
  4. The stamp duty exemption for first time buyers (exemption from stamp duty on the first €200,000 of the consideration), second time buyers (refund of duty paid on the first €86,000 of the value of the replacement property, or the first €150,000 in the case of persons with disability or guardians of persons with disability) and purchases of property in Gozo (rate of duty of €2 for every €100 or part thereof with respect to transfers inter vivos of residential property situated in Gozo) will be extended.

Employment
  1. Cost of living increase of € 1.75 per week applicable to all employees, pensioners and those entitled to social benefits.
  2. Qualifying Part-time tax rate will be reduced from 15% to 10%
  3. Part-time workers with more than one employment will have the opportunity to pay social security contributions with respect to more than one part-time employment, up to a maximum of 40 hours per week. This will result in a higher pension.
  4. Persons with less than €20,000 annual income and not employed in a managerial role will now be taxed at a rate of 15% on the first €10,000 received from overtime.
  5. To ensure employment rights are respected by employers, the Government will be setting up a website to make available templates of employment contracts containing minimum requisites provided at law.
  6. Employees in sectors such as hospitality, transport, manufacturing, wholesale and retail who work nights, weekends and shifts and whose salary does not exceed € 20,000 per annum shall receive an annual in work benefit of € 150.

Interest Rates, Tax Refunds and remissions
    1. From 1st June 2022, interest rates on income tax and tax rates will increase up to 7.2% annually (which will result in a 0.6% increase per month)
    2. Tax refunds for persons earning up to €59,999 to increase depending on annual income
    3. The tax remission on interest on unpaid tax balances will be tightened under which discretion will be exercised.

Artists
  1. As of 2022, individuals working in the arts, culture and entertainment sectors shall benefit from a income tax rate of 7.5%, calculated on a 3-year average period.


For more information, please contact us at office@rosemont-com.mt
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