Tax incentives have a positive outcome on our wellbeing

Tax incentives offered by the State may offer peace of mind and will have a positive outcome on our wellbeing, anthropologist Rachael Scicluna told theJournal.mt. 

Speaking on theDailySpot #22 which focused on what the two main political parties are proposing on taxation, Scicluna referred to how the Maltese household has changed over the past years and how Government has reacted to the changing needs of the people.  

Yesterday, people started receiving higher tax refund cheques, as well as the new stimulus cheque, with a total investment of €70 million in Maltese families.

Scicluna said that, like other countries, Malta has undergone drastic social, financial and political transformation in the past years, not only because of economic-related issues, but also because of the COVID-19 Pandemic which has impacted the Maltese household from a psychological, emotional and financial perspective.

“The State totally understands that modern families are undergoing a natural transformation, and that the pandemic, along with rapid economic transformation leaves an impact on household productivity. And this is where our wellbeing is impacted,” she said.

“The State is understanding that these tax incentives may offer some form of peace of mind, and will have a positive outcome on our wellbeing. It is only this way that social, collective anxiety is reduced because we see that the State is, in a way, acting as the head of the household, to some extent,” she said.

Going forward, Scicluna suggests more incentives to people with a disability, those working on a part time basis, and people who haven’t had any full-time employment over the past two years.

Analysis made by theJournal.mt shows that highest earners stand to gain from PN’s tax proposals as the only real beneficiaries are those earning €80,000 or more.

The Nationalist Party proposal translates into a tax rise for those on low to middle incomes and a tax cut for those on top incomes. On the other hand, the Labour Party’s tax refund means a tax cut for all, but a stronger one for those on low to middle incomes.

Watch today’s theDailySpot this afternoon on theJournal.mt’s Facebook page.

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