0% Tax For Singles Earning Below €12,000

Oct 28 2024

In Budget 2025, Finance Minister Clyde Caruana announced tax reliefs and financial support for workers, families, and pensioners, following a temporary pause due to the 2022 energy crisis, which cost Malta €350 million to shield households and businesses.

With energy subsidies reduced and the national deficit shrinking, the government is now fulfilling its tax reduction pledge, benefiting single individuals, married couples, and parents.

Single taxpayers will see their tax-free income threshold rise from €9,100 to €12,000, saving them between €435 and €675 annually. For married couples, the non-taxable income increases from €12,700 to €15,000, offering savings from €345 to €645.

Parents, whose tax-free threshold will rise from €10,500 to €13,000, will save between €375 and €650 per year.

Families will receive further support, with two-child families at middle-income levels seeing total benefits up to €1,800 through tax cuts and an increased children’s allowance.

Pensioners working post-retirement will also benefit, with a 20% increase in tax-exempt income on additional earnings, allowing them to retain more of their income.

These measures aim to ease financial burdens, strengthen household finances, and sustain economic growth across Malta, reflecting the government’s focus on social welfare and stability.

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Cost of Living Adjustment for 2025: Extra €5.24 Per Week

Oct 28 2024

The cost-of-living adjustment (COLA) for next year will be €5.24 per week, which will also apply pro-rata to student stipends.

Additionally, as a result of a historic agreement between the Government and social partners, the National Minimum Wage will increase by €8.24 per week, reaching €221.78 per week. Importantly, the minimum wage in Malta will continue to remain untaxed.

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Moviment Graffitti Protest Minister During Budget 25 Speech

Oct 28 2024

During the 2025 Budget speech delivered by Finance Minister Clyde Caruana, a significant and unprecedented protest took place in Parliament. Moviment Graffitti, seated in the strangers’ gallery, began chanting, “We dance to the developers’ tune,” accusing the government of catering to developers’ interests. Their protest was so disruptive that it was picked up on the live television broadcast, causing the Minister to momentarily stop his speech. This led the Speaker of the House to intervene, suspending Parliament until order could be restored and the protesters were removed.

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Such an event is historic, as it’s the first time in Malta’s parliamentary history that a protest has disrupted the Budget speech, a day typically marked by careful attention to the country’s economic and financial plans. The chant itself was a direct critique of the perceived influence developers have on government policies, reflecting growing public frustration around development and construction projects. The fact that this protest occurred on Budget day underscores the deep concerns some members of the public feel about the direction of these policies.

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Malta Hosts Global Innovation Forum 2024

Oct 28 2024

Malta is set to make headlines as it welcomes over 100 delegates from 194 countries for the International Telecommunication Union (ITU) Global Innovation Forum 2024. This three-day conference, taking place at the heart of the Mediterranean, aims to foster collaboration on digital innovation and address the pressing challenges facing digital ecosystems today.

The theme for this year’s forum is “The Digital Future for the Good of All,” which aligns with Malta’s Vision 2050 strategy. This initiative underscores the nation’s commitment to advancing its position in digital innovation and showcases its achievements in creating a sustainable digital landscape.

The forum was officially inaugurated by President Myriam Spiteri Debono, alongside Minister for Economy, Entrepreneurship, and Strategic Projects Silvio Schembri, and Dr. Cosmas Zavazava, Director of the Telecommunication Development Bureau. Minister Schembri highlighted Malta’s rich history of resilience and innovation, stating, “The fortified walls of Valletta, designed centuries ago, represent not only military foresight but a timeless spirit of resilience and preparedness that we continue to embody today.”

A significant point of pride for Malta is its pioneering role in the digital sphere. The country was the first globally to implement a legal framework for virtual financial assets, later adopted by the European Union, establishing itself as a leader in digital innovation. The Malta Digital Innovation Authority (MDIA) and the forthcoming Digital Innovation Hub (DiHubMT) are set to further bolster the nation’s commitment to empowering startups and small-to-medium enterprises (SMEs) in adopting advanced technologies.

Malta’s impressive strides in digital infrastructure have resulted in a 100% availability of digital public services, comprehensive 5G coverage, and high-speed internet access. According to the latest Eurobarometer survey, 80% of the Maltese population reports that digitization has positively impacted their daily lives, surpassing the EU average of 73%.

As the forum progresses, it is clear that Malta is not just a picturesque destination but a forward-thinking country determined to shape a prosperous and inclusive digital future for all. Through collaboration and innovation, Malta aims to position itself as a hub for digital advancements that benefit not only its citizens but the global community as well.

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