Deloitte Malta presents a summary and analysis of the Malta Budget 2018 speech presented to the House of Representatives by the Hon. Prof. Edward Scicluna, Minister of Finance on 09 October 2017.
- Post-graduate courses (NEW)
- Income tax benefit applicable to employees (NEW)
- Income tax for pensioners (NEW)
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As from academic year 2017/2018 persons under the age of 40 taking up quality full-time post-graduate courses at Masters or Ph.D. level will be entitled to a tax exemption on their income (up to €60,000) through the granting of tax credits, which may be utilised over one year or two years respectively. This tax credit will be granted on a pro-rata basis to those taking up the qualifying course on a part-time basis.
This scheme is limited to individuals who have not previously availed themselves of other study-related schemes.
Income tax benefit applicable to employees
Part-time and full-time employees earning less than €60,000 per annum will receive a one-time refund, ranging between €40 and €68, depending on the level of income, as indicated below.
|0 – 15,000||60||0 – 20,000||68||0 – 15,000||64|
|15,001 – 30,000||50||20,001 – 40,000||56||15,001 – 30,000||52|
|30,001 – 59,999||40||40,001 – 59,999||44||30,001 – 59,999||40|
Income tax for pensioners
The amount of annual pension income not subject to tax will be increased to the amounts indicated below.
|Annual Single Rate||€ 13,200|
|Parent Rate||€ 13,200|
|Married Rate||€ 13,200 (+€1,000 income derived from other sources)|