On Monday 30th October 2023, the Honorable Minister of Finance presented the Malta Budget for the year 2024.
Some of the main points include:
– The Cost of Living Adjustment for 2024 is set at €12.81 per week.
– An increase in the National Minimum Wage from €192.73 to €213.54 per week.
– Extension of the reduced rate of stamp duty applicable to first-time, second-time buyers of property.
– Increase in pensions: Pensioners will be given an increase of €15 per week inclusive of COLA.
– Extension for another year of the reduced stamp duty rate of 1.5% on donations of certain assets to family members.
– Malta’s taxation system confirmed to remain as it is. Malta has also applied with the EU to keep existing tax rate for another 6 years.
– Children’s allowance for 2024 to increase by €250 per child. The increase for 2023 was of €90 per child.
