No tax increases in Malta’s first surplus budget

No new taxes, or increase to existing taxes, have been announced for Budget 2018, marking a first in recent years.

In his introductory speech to parliament, Finance Minister Edward Scicluna paid praises to the Labour government under whose watch Malta is expected to register a second surplus.

Last year’s surplus was of over €100 million – a first in 35 years.

The high rate of employment resulted in 22,000 more people joining the workforce when compared to 2013. Female employment increased by 11,000. Persons on social assistance, including single parents, went down by 3,000.

Since the June 2017 elections, Malta registered the biggest economic growth in the European Union.

In real terms, Malta’s economy grew by 5.5% during 2016 whilst a 6.3% rate was registered during the first six months of this year.

Scicluna pointed out that despite the high rate of employment, and the record low unemployment rate, the inflation rate was still low.