Malta Budget 2023 explained

Finance Minister Clyde Caruana delivered the first national budget of the new legislature on Monday, announcing measures to maintain stability and help the vulnerable amid unprecedented inflation and global economic uncertainty.  The Budget is built around subsidies to keep energy prices frozen

At a glance:

  • €608 million in the field of energy and cereals for the Government to suppress the rise in inflation.
  • An increase of €650 per year to all pensioners – €65 million to 100,000 pensioners.
  • Increase in the Children’s allowance – €5.6 million to 41,100 families.
  • €10,000 grant to the First-Time Buyers over a period of 10 years.
  • Increase in Carers Grant to parents who do not work to take care of their adult children with a severe disability – From €500 to €4,500 per annum.
  • Cheques to more than 250,000 workers in Tax Refunds – €26 million.
  • The biggest investment in the environment – €700 million over a period of 7 years.
  • Maximum of €100,000 in grant for companies investing in digital and sustainable projects.
  • Extension of all schemes of the First-time and Second-time Buyers and purchase of property in Gozo.
  • Less tax burden on the working pensioners – €27 million over 5 years; 56,000 pensioners will benefit from full cost of living bonus.
  • Another increase in widows pensions – €1.6 million to 9,000 pensioners.
  • Maximum of €40,000 in tax credit for companies that invest in digital and environmentally friendly projects.
  • Extension of tax deductions to companies that had Capital allowances not absorbed during the pandemic.
  • Financial assistance of €50,000 for businesses to mitigate the increase in prices of international transport.
  • €40 million in cash grants for SMEs.
  • Social security credit for persons with mental health issues.
  • The fifth increase for elderly people who do not qualify for a contributory pension – 15,000 people.
  • Improvement in the Foster Care Allowance.
  • Increased financial aid for Celiac people.
  • Increased grant for schools with the largest number of vulnerable students.
  • Improvement in tapering of benefits for persons on social assistance.
  • New drugs on the Government formulary.
  • New health centres around Malta and Gozo.
  • Oncology clinics at the level of primary care.
  • Diabetes Centre at the Qormi Health Centre.
  • Introduction of Genitourinary Clinics in the community.
  • Independent Community Living: Scheme for persons with a disability – €4.2 million.
  • Tax Credits (for therapies) to the parents of persons with a disability – €200 per year.
  • Continuation of all fiscal incentives for property improvements.
  • Increase in Rent Benefit capping from €400 to €500 per month for a one bedroom residence; From €500 to €600 per month for a two bedroom residence and from €600 to €700 per month for a three bedroom residence.
  • Cheque of €150 In-Work Benefit to workers with atypical hours.
  • More income tax cuts for authors and co-authors from selling books: from 15% to 7.5%.
  • €60 million Sustainable Urban Development in Gozo.
  • Incentives for long-stay tourism in Gozo.
  • An increase of €50 per year in student stipends.
  • Pro-rata increase for the cost of living adjustment.
  • A new laptop for each student in the seventh year
  • Renovation of several schools around Malta and Gozo.
  • Strengthening of scholarships and tax credits programmes for students.
  • Increased tax rebate for parents to send their children to sports, cultural or artistic activities – €300 per year.
  • Additional mechanism of COLA for those more vulnerable: 80,000 people and 37,000 families will benefit from additional grant.
  • No additional burden on businesses.
  • Investment in road and maritime infrastructure.
  • Extension of grants which incentivise e-vehicle purchases and electric motors up to a maximum of €12,000.
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