25.10.2022
Yesterday the Budget Speech 2023 was delivered by the Minister of Finance and Employment Clyde Caruana. Below you will find a summary of the Budget 2023 in relation to Economy, COLA and Property.
Economy
- New one-stop-shop to assist startups establish themselves in Malta
- New business incubation centre
- Studies to set up of a venture capital fund
- €40 million fund for cash grants for SMB
- Social enterprises will be eligible for a tax credit of up to €70,000 over three years
- Laws governing residency programmes to be reviewed and updated
- Commercial rent subsidies.
Workers
- COLA at €9.90 per week for employees
- Public sector workers will get around €3.50 a week
- People on social benefits will also receive the COLA
- 80,000 low-income earners to receive cheques of around €300
- Annual tax refund still on, with refunds ranging from €60 to €140.
Property
- A €10,000 grant for all first-time property buyers (payable over 10 years)
- Interest-free loans on 10% down payment to continue, with maximum property value raised to €225,000
- Previous property schemes (including tax breaks for buying old properties, and the first- and second-time buyer schemes) to be extended.
Should you require any information related to how this budget effects your business in Malta please do not hesitate to contact us on info@fairwindsmanagement.net.
