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ARTICLE · 22 OCTOBER 2020

Malta Budget 2021 Snippets: How Will You Benefit?

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The Minister for Finance and Financial Services presented the Budget 2021 on 19th October 2020 in the House of Representatives of Malta.

MaltaFinance and Banking
Jonathan Abela
Jonathan Abela
Josef Cardona
Josef Cardona
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The Minister for Finance and Financial Services presented the Budget 2021 on 19th October 2020 in the House of Representatives of Malta. With the theme of this year's budget speech being "Strongly Moving Forward"; saliently for the fourth consecutive year no new taxes were introduced with a view for strong economic growth projected in 2021. Prioritising the economic recovery most of the tax-related measures were positive extensions of the existing measures, rather than introduction of new ones.

The Minister announced that the Government will increase tax refunds for all categories of taxpayers (single rate tax computation taxpayers; married rates tax computation taxpayers and parent rate computation taxpayers). Furthermore, tax rebates for pensioners will also be increased in conformity with the announced increase in pensions.

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