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.
- Grants on the purchase of bicycles and electric bikes (pedelec bicycles), motorcycles and scooter
- Citizenship scheme
- Further investment in Gozo
- Fight against tax evasion
- Environmental friendly vehicles
Grants on the purchase of bicycles and electric bikes (pedelec bicycles), motorcycles and scooters
In order to promote alternative ways of transport and a healthy lifestyle, the grant of 15.25% on the purchase price of bicycles and electric bikes (pedelec bicycles) shall be extended by another year. Companies providing bicycles and electric bikes (pedelec bicycles) for hire will also benefit from this grant.
Furthermore Government will also provide a grant of up to €400 on the purchase of motorcycles, scooters and electric bikes.
The Malta Individual Investor Program (Citizenship by Investment) is being extended to attract further investment.
Further investment in Gozo
In order to further incentivise job creation in Gozo by the private sector, a refund of 30% (capped at €6,000) of the average wage of each employee will be granted for employment contracts of at least three years.
Fight against tax evasion
As a measure to continue its fight against tax evasion and unfair competition, Government will be increasing penalties for agreements settled through court judgement as well as out of court settlement agreements.
The Joint Enforcement Task Force will be strengthening its efforts against tax evasion.
Environmental friendly vehicles
As a measure to incentivise the use of environmentally friendly vehicles, an exemption from registration tax for electric/hybrid vehicles will be introduced. No road licences will be levied on such vehicles during the first five years from registration.