Government does not exclude giving more money hand-outs to address high cost of living

Government does not exclude that, if need be, it will give more financial hand-outs later in the year, given the effects of the developing situation in Ukraine, Finance Minister Clyde Caruana said on Monday.

“The Ukrainian conflict has resulted in international impacts on oil and wheat prices, as well as other essential products. Government is closely monitoring the situation as without a doubt, it will have an impact on Malta,” Caruana said.

Caruana was speaking at a press conference in Żabbar during which he announced that as from Monday income tax refunds, as well as cost of living cheques, have started to be distributed.

He said that government will continue to aid citizens to address the high cost of living issue should there be the need.

Caruana commended government’s success in protecting the country’s economy during the pandemic and will continue months.

He gave a breakdown of the €70m which have already started being handed out to citizens, €25.5m of which will be tax rebate cheques, while

to do so

in the coming

€48m will be cost of living cheques. Caruana said that the value of these cheques has increased due to the latest Budget.

Tax rebates for single people will amount to a total of €16.5m while couples will benefit from a total outlay of €3.8m. Parents will receive €5.2m, he said.

The remaining €48m

361,000 people.

Workers and students who receive stipends will receive cheques worth €100, while pensioners and people on social benefits will receive up to €200.

“This is a government who wants to stay close to the people,” Caruana said.

The cheques will benefit 380,000 people in total and will continue to be given beyond this legislature, Caruana said.

Caruana said that the PN’s tax credit measure is inferior to that of the tax refund, adding that once again, the PN has “forgotten those who receive minimum wage”, as those will be taxed as well under a PN government, he said.

will benefit

Tax refunds details:

Single people earning between 0€15,000 – €125

Those earning between €15,001 and €30,000 – €95

Those earning between €30,001 and €60,000 – €60

Couples earning between €0-€20,000 – €140

Couples in the €20,001 to €40,000 bracket – €110

Couples in the €40,001 to €59,999 bracket – €65

Parents earning between 0-€15,000 – €135

Parents in the €15,001 to €30,000 bracket – €105

Parents earning over €30,001 – €60