cONTINUE rEADING
The 2013 Malta Budget was approved on 8th April 2013 and saw a reduction of the top income tax rate from 35% to 32% for individuals earning between €20,000 and €60,000 a year. The amendment is backdated to January 1, 2013 which results in four-month tax rebate of 3%. The refund for eligible taxpayers will be calculated on the basis of the amount of tax already paid this year and the amount of tax actually and by applying the new tax rate.
The introduced change is the first one of three planned tax rates cuts in years 2013-2015, which would lead to a top income tax rate of 25% for amounts up to €60,000 .
