Here’s the highlights of 2022 Malta Budget as presented by the Finance Minister of Malta on Monday 11th of October:
There will be no additional taxes in 2022.
Part Time Tax will be reduced to 10% from 15%.
The Tax Refund Cheques will be granted again and will increase from €45 and €95 to €60 and €140. The amount given depends on the individual’s income.
A new incentive on properties that are 20+ years old and inhabited for at least 7 years, properties built in traditional styles and those found in Urban Conservation Areas. These will benefit from the exclusion of capital gains or stamp duty when purchased in 2022. Purchasers who opt to renovate these houses will be eligible for a VAT refund of up to €54,000 on renovation works that amounts to €300,000.
Properties built before 1995 and valued up to €250,000 and are due for structural restorations can benefit from subsidiary schemes that amounts to up to €25,000.
The Scheme on the purchase of Electric Vehicles (EV) and Plugin-Hybrids (PHEV) has been extended and the amount is increased from €9,000 to €12,000.
The road license on EV and PHEV vehicles remains free for the first five years from the date of purchase.
The government added more medicines to its free distribution list that are related to IVF, cancer, fibromyalgia, osteoporosis, circulatory and inflammatory diseases, rare diseases and other rare and extreme cases of allergies.
A new Start-up Visa programme will be introduced to attract entrepreneurs and businesses from offshore.
The stamp duty for transferring a family businesses to new generations is deducted to 1.5% from 5%.