Budget 2014 – top 10 measures

On 4th November 2013¸ the Minister of Finance – Hon. Prof. Edward Scicluna presented the Budget 2014 to the House of Representatives. The main budget measures were divided into following categories:

  • Cheaper and Greener Energy
  • Raising Output Potential
  • Diversification and Competitiveness
  • Making Work Pay
  • Strengthening the Foundations of Healthcare
  • Reducing Tax evasion and avoidance
  • Pensions Reform
  • Family and Housing
  • Care and Support for Senior Citizens
  • Caring for people with disability and special needs
  • Environment
  • Culture¸ Leisure and the Arts
  • Agriculture and Fisheries
  • Gozo

Today¸ we highlight the main measures from each category.

1. 25% decrease in power tariffs in March¸ 5 % reduction in water tariffs.

2. Alcohol to increase by 40 cents by litre and Ccost of cigarette packets up by 30c

3. Cost of Living Increase set at € 3.49

4. Top rate of income tax to decrease from 32% to 29% as announced last year

5. New Malta Oil and Gas Corporation to handle oil exploration work.

6. First-time property buyers will have duty waived next year

7. People aged over 45 unemployed for a minimum of two years will retain part of their unemployment benefit on finding a job.

8. Incentives to encourage people to take out private pension.

9. Heavy vehicles and horses to be banned form roads during the rush hour.

10. More medicines to be made available free of charge.

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