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Malta Budget 2022 foresees a number of updates focusing on improving the social wellbeing of the residents and reaching the targets of sustainable development, including:
- This year’s cost of living adjustment (COLA) will be of €1.75 per week.
- Grant on electric or hybrid vehicles will increase up to €11,000, and up to €12,000 if a scrappage scheme is used.
- Tax Refunds – Cheques will continue to be received, amounts will range between €60 and €140.
- Tax on income derived from part-time employment will be reduced at a rate of 10%.
- Artists’ income to be taxed at 7.5% as of Basis Year 2022.
- Pensions will increase by €5 per week. This is comprised of a COLA of €1.75 together with a €3.25 increase in pensions.
Learn more about other upcoming changes from our freshly prepared Malta Budget 2022 report.