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Published:
30.11.2012
Last Updated:
25.7.2024

Malta Budget 2013: Proposals for reductions in personal tax rat

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Summary

In the Malta Budget 2013 speech, the Minister of Finance proposed a reduction in the tax rates applicable to individuals.

cONTINUE rEADING

 

In the Malta Budget 2013 speech, the Minister of Finance proposed a reduction in the tax rates applicable to individuals. The proposal envisages the introduction of a tax bracket whereby income up up to €60,000 which is currently subject to tax at 35% would be subject to a lower tax rate of 32% in 2013, 29% in 2014 and 25% in 2015. 

In summary:

  • a person earning €45,000 will save €500 in 2013, €1,000 in 2014 and €1,500 in 2015,
  • a person earning €60,000 will save €1,200 in 2013, €2,400 in 2014 and €3,600 in 2015.

Rate

Single Computation

Joint Computation

Parental Computation

0%

0 - 8,500

0 - 11,900

0 – 9,300

15%

8,501 – 14,500

11,901 – 21,200

9,301 – 15,800

25%

14,501 – 19,500

21,201 – 28,700

15,801 – 21,200

32% (2013)

 

19,501 – 60,000

 

28,701 – 60,000

 

 

21,201 – 60,000

 

29% (2014)

25% (2015)

35%

60,001 +

60,001 +

60,001 +

The proposals do not effect income over €60,000 which shall continue to be taxed at 35%. The income tax bands for parents introduced last year have been retained.

 

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In the Malta Budget 2013 speech, the Minister of Finance proposed a reduction in the tax rates applicable to individuals.

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