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Malta MOF Presents 2022 Budget Speech

Oct. 14, 2021, 5:00 AM

The Maltese Ministry of Finance Oct. 11 presented the 2022 budget speech. The speech announced measures to: 1) reduce the part-time tax rate to 10 percent from 15 percent; 2) establish a 15 percent tax rate on individuals with annual incomes of up to 20,000 euros (US$23,078) on the first 10,000 euros (US$11,539) received from overtime; 3) increase the annual interest rate on income taxes and VAT due to 7.2 percent, effective Jan. 1, 2022; 4) allow unabsorbed capital to set off intra-group income during tax year 2022; 5) exempt the first 750,000 euros (US$865,329) on property transfers from capital ...

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