Budget 2015

The Economy

The Maltese Economy continued to grow in 2014.

• It is expected that economic growth will reach 3% in 2014 and 3.5% in 2015;
• The deficit for the current year is expected to be reduced to 2.1% of the GDP with a further reduction of 1.6% in 2015;
• The GDP is expected to be €7.9bn in 2014, an increase of 4.9% over 2013. Real GDP is expected to grow by 3.5% in 2015;
• The cost of living increase for 2015 shall be of €0.58 per week.

Income Tax Measures

The rate of tax for individuals will be reduced as from 1 January 2015 from 29% to 25% on income less than €60,000.

• The non-taxable income portion will be adjusted to take into consideration the cost of living adjustment. This will be adjusted for pensioners and also low income earners;