Malta Releases 2021 Budget
by Lorys Charalambous, Tax-News.com, Cyprus
02 November 2020
Malta's 2021 Budget, announced on October 19, 2020, included tax breaks for individuals and an increase to the VAT registration threshold.
The Budget includes an increase to the VAT registration threshold to EUR30,000 (USD35,450) from EUR20,000, as well as an increase to the tax-exempt threshold for private pension income and increased income tax refunds for taxpayers earning less than EUR60,000.
The stamp duty exempt threshold for first-time buyers will rise to EUR200,000 from EUR175,000, and reduced stamp duty rates under the Economic Regeneration initiative will be extended, for agreements registered until March 31, 2021, providing a contract is agreed no later than December 31, 2021.
The Budget also extends tax concessions for electronic vehicles.
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