Speaking at a Press Conference yesterday, Friday, 9th August 2013 Prof Edward Scicluna said the focus of the Budget would be on maintaining economic stability and ensuring everybody benefited from growth. On pensions Finance Minister Prof Scicluna said the government planned to introduce an optional third pillar pension where people can contribute to a private pension. There would be incentives for people to join such schemes and guidance on how people should invest.
The tax rate programme for those earning up to €60,000 will continue. This year reduced from 35 per cent to 32 per cent and as from next year, the rate is set to go down to 29 per cent and drop further to 25 per cent in 2015. The 35 per cent rate will continue to apply for those earning over €60,000.
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