Fiscal Measures Announced In The 2015 Malta Budget

Introduction

Professor Edward Scicluna, the Minister responsible for Finance, delivered the 2015 Budget Speech on the 17^th November 2014 against a backdrop, once again, of positive economic growth.

The Maltese economy achieved a 3.2% growth in GDP in real terms in 2014, in line with Malta's ongoing positive performance in past years notwithstanding the global financial crisis. Inflation is down to 0.6% and unemployment is currently in the region of 5.8%. The Government announced that it is closed 2013 with a deficit, as projected, of 2.7% GDP and that it is on track to close 2014 with a 2.1% deficit, also as projected.

This brief update looks at some of the more salient fiscal measures announced in the 2015 Budget Speech, particularly as these will provide incentives for economic growth whilst alleviating the tax burden on individuals generally.