31.10.2023
Yesterday the Budget Speech 2024 was delivered by the Finance Minister, Clyde Caruana. In this article you will find a summary of the Budget 2024 in relation to the economy, the working force, employment, cost of living adjustment, taxation, grants and incentives for businesses and industry updates.
- Tax refund cheque will be issued, for a total expenditure of €26m.
- Minimum wage will increase to €213.54 per week.
- The weekly cost of living adjustment (COLA) will be €12.81.
- Unemployment benefits to be adjusted to 60% of previous salary, eventually dropping to 50%.
- A €40m Business Enhance funding scheme and €16.5m INVEST EU scheme for small and medium businesses.
- Obligations for small business owners to file audited accounts to be lightened.
- Delay of the implementation of corporate tax rate to foreign-owned companies and with no changes to Malta’s full imputation system of taxation. The Government will also develop other tax incentives that are compliant with the global minimum tax framework.
- Various schemes such as the Seed Investment Scheme, Startup Finance Scheme, etc. will extended in 2024.
- The ESG Reporting Grant Scheme for small and medium businesses will be extended to 2024.
- Other existing EU funding schemes will remain available to support businesses.
- Changes to the Family Business Act will be implemented to continue supporting family businesses through tax incentives.
Fairwinds Management Limited is a MFSA licensed firm offering Business Solutions in Malta. As part of our services, we offer Accounting, Administration, Corporate and Legal solutions. Fairwinds Management also manages the brand Accounting Services. More information about us and our key services please visit our website. You may reach Fairwinds Management on +356 2704 0903 or info@fairwindsmanagement.net.
Article written by Ms Charlene Sciberras, B.A. (Hons), guest writer, a marketing and business administration specialist with a special focus on corporate, accounting, and legal matters.