Maltese Finance Minister John Dalli is set to announce an increase in the rate of Value Added Tax in his budget speech next Monday, according to a recent report in The Times of Malta. However, it is thought that he will soften the blow with a one-off payment for employees.
The Times reported that the payment will be the equivalent of between 75 cents and Lm1 per week over the course of a year, with the payments to commence in March.
Whilst VAT rates will not be raised for the tourist industry, in order to maintain the island as a competitive destination, the Federation of Industry has warned that the expected 3% hike to 18% will damage Malta’s business and industrial competitiveness.
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