Budget 2022 FINANCIAL Highlights

  • Increase in PENSION of €5 per week
  • Increase in SUPPLEMENTARY AID of between €3.47 and €6.50 per week
  • Increase in the EXEMPT PENSION TAX BRACKET to €14,318
  • FULL cola bonus for pensioners at €2.50 per week
  • €150 ANNUAL BONUS for senior citizens not entitled to a pension (€400pa. for senior citizens who paid less than 5 years SSCs and €500pa. for who paid more)
  • €50 MONETARY BENEFIT for senior citizens over 80 years of age living in old peoples homes
  • Increase to €400 MONETARY BENEFIT on child birth and adoptions
  • €5 increase in child care disability allowance
  • Increase in monetary benefit to €500pa related to CARERS of severe disabilities
  • Monetary benefit for CARERS at DOMESTIC HOMES to €7,000pa
  • HOME HELPER OF YOUR CHOICE increase to €7.50/hour
  • OVERTIME WORK to be taxed at 15% on the first €10,000 earned
  • REDUCED TAX on part-time employment from 15% to 10%
  • Increase in TAX REFUND for between €60 and €140
  • COLA increase of €1.75 per week
  • Increase in STIPEND FOR ALL STUDENTS by 10%
  • Students receiving stipend can now work up to 25 HOURS
  • Interest on income tax and vat payments REDUCED TO 7.2% as from 01.06.2022
  • Decrease in stamp duty to 1.5% on TRANSFERS INTERVIVOS
  • Malta: EXEMPT TAX for UCA and abandoned properties AND FIRST TIME BUYER GRANT of €15,000
  •  Gozo: EXEMPT TAX for UCA and abandoned properties AND FIRST TIME BUYER GRANT of €30,000
  • Monetary benefit for HYBRID VEHICLES increase to €11,000 on purchase and €12,000 including usage of scrappage scheme
  • Scrappage scheme in GOZO increased to €2,000
  • €900 monetary benefit on INSTALLATION OF SOLAR PANELS on vehicles
  • 7.5% income tax for ARTISTS

For further information please contact on espiteri@erremme.com.mt

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