Malta Budget 2020
Connecting the dots #MaltaBudget20
Our experts' insights and analysis following the Malta Budget speech
Deloitte Malta's presents key highlights and a full summary from the Malta Budget 2020 speech presented to the House of Representatives by the Hon. Prof. Edward Scicluna, Minister of Finance on 14 October 2019.
Budget 2020 highlights
- COLA of €3.49 per week.
- Additional day of leave entitlement.
- 15% tax on the first 100 hours of overtime to workers who are not in a managerial position and are earning less than €20,000 a year.
- 1.5% reduced stamp duty rate applicable on transfer of business shall be extended.
- Further increase in pensions with corresponding adjustments on tax exemptions applicable to pensions.
- Existing stamp duty measures including the first-time buyers scheme, second-time buyers scheme, purchase of vacant property in UCAs and purchase of property in Gozo shall be extended, with the first-time buyers scheme exempting the first €175,000 from stamp duty.
- Persons under the age of 40 eligible for a home loan may benefit from an interest-free loan of up to €17,500, which shall be repaid over a 15 year period.
- The importation and manufacture of single use plastics shall be banned from 1 January 2021 and the sale of such products shall be prohibited starting from 1 January 2022.
- Youths to be given a grant of up to €850 to study a foreign language overseas.
- More investment expected in Artificial Intelligence and the Internet of Things.
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