Malta Budget 2007 | Malta-Tax.com | Budget 2007 Malta Malta Budget 2007 Budget 2007 malta budget 2007 budget 2007 malta malta budget 2007 budget 2007 malta budget 2007 finance minister Lawrence Gonzi budget 2007 malta malta budget 2007 budget 2007 malta budget 2007 budget 2007 malta malta budget 2007 budget 2007 malta budget, 2005

Budget 2003

The Malta budget 2007
Highlights

The main highlights of the budgetary measures announced by the Finance Minister in his budget speech on the 18 October 2006 were the following:

A cost of living increase of Lm2.25 per week of which Lm0.50 has been prepaid during the basis year 2006

Revision of personal income tax bands effectively reducing personal income tax with effect from basis year 2007

Increase in the exemption from stamp Duty payable on the inheritance of residential property

Reduction of departure tax from Lm20 to Lm10

Cultural activities organised by non-profit making organisations to be categroised as exempt without credit activities for the purpose of the VAT Act

Option for exemption from Social Security contributions for Host Families where such income constitutes sole or main income

Eligiblity of spouse working in family business to register as employee of the business

Reduced tax rate of 5% on rental income derived from property let to the Housing Authority

Removal of minimum social security rate for part-time workers working for more than 8 hours per week

Increase in tax deduction allowable to parents whose children attend private schools

Commitment of Inland Revenue to settle tax refunds within the next 36 months