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.
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.