2014 Budget Overview

November 5, 2013

Capital investment will rise by €66 million next year to reach €453 million. The investment would go on existing projects including €11.7 million for University projects, MCAST and the Foundation for Tomorrow’s Schools. €2.5 million would go for the Marsa Sports Complex and new football and water polo facilities in Birzebbuga.

€96.4m would go for the infrastructure and €59m for the environment. The allocation for the roads was being increased.

€20.7m would go for the energy and water sector while the allocation for capital spending in the health sector would reach €60.8 million from €52 million in the last

25% drop reduction in electricity tariffs – 5% reduction in water tariffs.

Cost of cigarette packets up by 30c, slightly higher prices also for beer, alcohol, bunkering and cement.

Seven-year programme for the refund of VAT paid on the registration of cars between 2004-2008.

New vehicle scheme to scrape old cars and grant for car conversions to auto-gas.

Cost of living increase €3.49 and pro-rata stipends increase.

Top rate of income tax reduced to 29% from 32% as announced last year.

Parents to have first €9,800 of their income tax-free, up from current €9,300.

Part-time workers will pay 15% tax on the first €10,000 of their income, up from €7,000.

Footballers’ income to be taxed at 7.5%

People aged over 45 unemployed for a minimum of two years will retain part of their unemployment benefit on finding a job.

First-time property buyers will have duty waived next year.

New Malta Oil and Gas Corporation to handle oil exploration work.

Free childcare centers from April in project with the private sector.

Married women aged over 40 unemployed for five years to get tax benefits when they go out to work.

Benefits for single parents attending courses.

White Papers on shop opening hours, a ban on circus animals, the wardens system and the procurement of medicines.

Heavy vehicles and horses to be banned from roads during the rush hour.

More medicines to be made available free of charge.

Incentives to encourage people to take out private pension.