Budget 2009

You are here: Home > Business Tools > Budget 2008

Recommended Titles @ Amazon

Personal Tax Bands - 2009 (as per Budget 2009)
Single Rates			Married Rates
Chargeable Income (€)	Tax Rate (multiply by)	Subtract €	Chargeable Income (€)	Tax Rate (multiply by)	Subtract €
0 - 8,500	0	0	0 - 11,900	0	0
8,501 - 14,500	0.15	1275	11,901 - 21,200	0.15	1785
14,501 -19,500	0.25	2725	21,201 - 28,700	0.25	3905
19,501 & Over	0.35	4676	28,701 & Over	0.35	6776

Revision of tax penalties

Interest for late payment of Tax and VAT will be reduced to 9% p.a. (0.75% per month) instead of 12% p.a. (1% per month ) as from 1st January 2009.

Motor vehicles

A new system of vehicle registration tax shall be introduced.
A new system of vehicle licences is being introduced, based on emission level, the age of the vehicle, and cylinder capacity. ... read more

Business incentives

New market penetration grants.
R&D investment Grants.
Small start-up schemes support.
E-business development grant scheme.
SME legislation for the development of innovative processes, products and services.
Development of a Small Business Act.
Introduction of GAPSE to replace IFRSs to reduce compliance burdens.
Investment grant by way of income tax credit for 2 years in respect of small enterprises (minimum investment €10000
Establish a one-stop-shop agency.
Establish a research group for the promotion of promoting enterprise.

Environmentally friendly benefits for industry

60% of the cost of approved expenditure in renewable energy.
40% of the cost of energy system audits up to a maximum of €300 for small enterprises and €1,000 for large enterprises.

Environmentally friendly benefits for families

€0.50 eco-contribution will be charged on every plastic bag supplied by a retailer.
Magazines and leaflets which consist mainly of 50% advertising will attract €0.01 for every 80g.
€0.25 eco-contribution will be charged on every non-energy saving light bulb and €0.50 on every non-energy saving neon tube.
Security vouchers grant for every family for the purchase of energy saving lamps.
Refund for every family on the cost of water solar heaters up to maximum of 66% of the price or €460.
Refund of 50% of the cost of photo voltaic systems up to a maximum of €3,000.
Refund of 33% of roof insulation and double-glazed windows up to a maximum of €300.

Budget 2009 Links

Budget highlights (English)

2009 Budget Matters - Notice

The Budget 2009 Excerpts are a brief summary and intended solely for general information and should not be acted upon without prior consultation.

The full version of the Budget Speech 2009 may be obtained from the Ministry of Finance, the Economy & Investment website.

Specific detail may become clearer on the enactment of the specific legislation.

Related Links

Cost of Living Allowances Increases

Income tax exemptions

One year tax exemption per child under 16 years to women returning to work after an absence of 5 years.
Tax exemption also available to every working mother for children born in 2007 or later.

Other allowances

Exemption on stamp duty on inheritance

Disabled persons will be exempt from stamp duty on inheritance of their ordinary residence if they reside with their parents or guardians.

Increases

Licence fees on pools for private & public use.
Excise duty on alcoholic drinks and cigarettes.
Excise duty on petrol & diesel to finance a fund for providing investment and incentives for the use of renewable energy.
Annual Registration fees for yachts.

Cooperatives

The establishment of a Commission to investigate way how to strengthen the Cooperative Movement in Malta, including cooperative initiatives within the public sector.