The Malta Budget 2019 as presented by the Hon. Finance Minister Edward Scicluna on the 22nd October 2018 seeks to further strengthen Malta’s economic growth through several incentives aimed at enhancing investment, promoting new economic sectors and redistributing wealth.
Malta Budget 2019
The Minister of Finance announced that the Government will not increase any taxes in the coming year, owing to the country’s stable financial situations. The Government will act proactively to attract new economic sectors with high rates of innovation and technology, such as Artificial Intelligence and Internet of Things with the aim to place Malta at the front-end of this revolution and support the development of the human capital in this area. The budget also outlines numerous measures aimed at better redistribution of wealth and ensure that continued investments will be the main driver to enhancing prosperity and improving the quality of life in Malta.
Malta Budget Highlights
- Encouraging innovation and investments in Artificial Intelligence and Internet of Things.
- Supporting small businesses investing in Fintech through the Malta Stock Exchange (MSE)’s Fintech Accelerator programme.
- Introduction of Tech.mt to promote Malta as hub for digital economy.
- Development of the e-Sports sector.
- Introduction of Equity Sharing Scheme for property purchase for people aged 40 and over.
- Incentives to encourage long term property rentals at affordable rates.
- Individual Investor Programme revised to be the most exclusive on the market.
- Weekly cost of living increase of €2.33 per week.
- Increase of Children’s allowance for all families earning less than €20,000 per year.
- Increase in tax deductions for parents whose children attend private schools.
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