Tax re­duc­tion in Malta in 2015 - OPM

Malta Independent - - NEWS -

Malta formed part of a small group of European Union mem­ber states were tax was re­duced in 2015. Ac­cord­ing to in­for­ma­tion pro­vided by Euro­stat, peo­ple re­sid­ing in Malta paid 0.4% less tax than the pre­vi­ous year, the Of­fice of the Prime Min­is­ter An­nounced.

The OPM says that these fig­ures con­firm that fam­i­lies pay 6.8% tax com­pared with 9.4% European av­er­age.

At the same time the bur­den of stamp duty in Malta is al­most half the European av­er­age. This, ac­cord­ing to the OPM, ex­plains why the coun­try has had the high­est em­ploy­ment growth in the EU for the past three years.

This suc­cess, the OPM claim, is threat­ened by the Op­po­si­tion’s com­mit­ment to in­tro­duc­ing a new tax bur­den on work­ers and em­ploy­ers through the sec­ond pil­lar pen­sion scheme. The Op­po­si­tion pol­icy to add tax­a­tion can have a nega­tive im­pact on gov­ern­ment rev­enue from taxes from com­pa­nies

The Gov­ern­ment will re­main com­mit­ted not to in­crease bur­den on labour in­come, and in­stead ex­ac­er­bate the econ­omy and im­prove the level of aid to the ones who need it, the OPM said.

Newspapers in English

Newspapers from Malta

© PressReader. All rights reserved.