‘Zero Direction’ – Bernard Grech responds to Budget 2022

Oct 11 2021

Responding to the presentation of Budget 2022, Opposition leader Bernard Grech stated that this is a budget which is up in the air. Grech stated that this budget has no sense of direction and zero direction. He said that a Labour government has failed in its financial targets as, for next year, it already projects the same deficit which it predicted for this year. The government, Grech states, is admitting that the deficit this year will be double that which it predicted last year.

Grech highlighted that the government failed to fulfil one in three projects it predicted during the 2021 Budget. He stated that the country’s debt is not COVID-19’s fault, but the result of the government’s corruption. He also said that this budget forgot the front-liners, nurses, LSEs, teachers, police officers and Maltese farmers and fishermen.

He continued to say that there are in fact good measures, but these are ones which the Nationalist Party has vouched for before. He said that the government is increasing the country’s debt by €4 million everyday but is telling workers to go find an extra job to manage day to day finances.

Grech also highlighted how the government did not address any progress in regards to the recently proposed metro system despite all the other measures being put forth. He praised the acceptance of the afforestation proposal, but said that people need to await another budget to actually ride the bus for free. He added that the government went full circle and joined the Nationalist Party in their proposals.

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Financial aid to incentivise electric or hybrid car purchase

Oct 11 2021

Addressing the presentation of the 2022 Budget, Finance Minister Clyde Caruana announced that financial aid to incentivise the purchase of electric or Plug-In hybrid vehicles will increase by €3,000 the day following the budget. This means that from €8,000, the financial aid will increase to €11,000, but can also increase to €12,000 in any case where the car scrapping scheme is utilised.

The Minister also announced the extension of measures related to the purchase of electric vehicles which include freedom from registration tax and exemption from annual road license fee for a 5 year time period.

As of the start of 2023, the capping of plug-in hybrid vehicles will climb from 30 kilometres autonomy to 50 kilometres. The special rate applicable for residential homes which allows electric car owners to charge the vehicles throughout the night will remain in effect.

A scheme was also introduced which will see a €900 grant to all those who install photovoltaic panels on trucks, coaches and/or minibuses.

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Photo Source: Clyde Caruana FB

€100 grant increase for anyone who has a baby or adopts

€100 for anyone who has a baby or adopts

Oct 11 2021

A 2022 Budget measure will attempt to help new parents by giving anyone who has a baby or adopts an extra €100. The grant, which was first introduced in the Budget 2020, will increase from €300 to €400, with the Finance Minister stating that this will benefit around 4,000 parents. Starter-packs will also be given to these parents, packs with sustainable baby products.

Minister Clyde Caruana revealed that the government will start discussions at the MCESD level in order for Malta to have a position to implement a directive of the European Union on parental leave and work-life balance. The EU directive includes the extension of paid paternity leave to 10 days and introduces two months of paid leave for each parent which can be used until a child is eight years old.

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Photo Source: Clyde Caruana FB

Tax-free purchases on typical Maltese facades as well as vacant or UCA properties

Oct 11 2021

During the Minister for Finance and Employment’s reading of the Budget 2022 document, the plan for the increase and maintenance of traditional Maltese architecture will be enacted. Article 5.1.1 of the document stated that the government will remove taxes on purchasing and sales of vacant properties or those in Urban Conservation Areas (ACA) or those having traditional styles.

Particularly, properties which have been erect for over 20 years and vacant for over 7 years, along with those in urban conservation areas and new properties with typical Maltese architecture, will benefit from removed tax on Capital Gains and stamp tax on the first €750,000 of the property price.

The minister expressed the government’s enthusiasm and eagerness towards seeing facades typical Maltese facades which celebrate the island’s heritage and wish to see a further regeneration in old and abandoned properties.

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This measure applies to future property-owners who are currently going through their purchase agreement and has have yet to secure a contract. Furthermore, first-time buyers of said properties will receive a grant of €15,000, with Gozitan first-time buyers receiving a grant of double the value in €30,000.

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Photo Source: Malta Doors / Clyde Caruana FB