All voluntary organisations registering an income of less than €50,000 shall be exempt from paying taxes on their yearly profits.
These organisations shall be monitored by Government for transparency of donations collected and its distribution.
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The Government COVID-19 wage supplement for will be extended until at least March 2021.
The wage supplement is part of the Government’s economic recovery scheme where business will continue to be eligible for a maximum of €800 monthly for every full-time worker.
A review of the aforementioned scheme will be carried out at the end of the year to consider whether the amount should be changed.
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The decreased stamp duty scheme for First Time Buyers, Second Time Buyers, buyers of vacant properties in Urban Conservation Areas (UCA), buyers of property in Gozo as well as refund schemes for restoration expenses will be extended further.
From tomorrow, First Time Buyers will also be exempt from stamp duty on the first €200,000, rather than €175,000 of the price of property. Additionally, the government announced a decreased rate of 3.5% on the first €200,000 on the price of real estate purchase, even for those who are not first time buyers.
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During the traditional ceremony, which was also attended by Parliament’s Speaker Anelu Farrugia, President Vella signed the budget documents.
Prime Minister Robert Abela disclosed this morning that the budget would be called ‘Maltin b’Sa’itna’ l Quddiem. This is Prime Minister Abela’s first budget and Finance Minister Edward Scicluna’s eighth.
The Budget speech will be transmitted at 6.30pm on TVM
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