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Budget 2014 | How Scicluna is expected to raise €46 million in cash

Finance ministry submits budgetary measures for revenue generation to European Commission

Matthew Vella
9 October 2013, 12:00am
Tax cuts in 2014 will cost the exchequer €13 million

The finance ministry has submitted to the European Commission a table of targeted budgetary measures that will be raising revenue in the upcoming Budget 2014. How will you be affected?

The table below highlights all the proposed changes in the form of how much revenue will increase over and above the previous year.

The big changes will be indirect taxation, even though Prime Minister Joseph Muscat has ruled out an increase in the VAT rate. This measure alone will raise €31.5 million in new tax revenue in 2014.

The next big increase will be government fees of office - fees for services that are probably free at the present moment. These will raise €15 million in 2014 alone.

Restrictions on public sector employment will generate savings of €4.9 million over the previous year. And the income tax cuts will also see a loss of €13 million in 2014.

Shadow finance minister Tonio Fenech has accused Labour of, by its own admission in the EC report, increasing the tax burden from 35% to 36% of GDP within the next year. "It breaches an electoral promise."

Finance minister Edward Scicluna today told One TV's Breakfast News that nobody can expect miracles within the first year of government. "Give us a chance, and the miracles will come."

Graduated in anthropology, Matthew Vella joined MaltaToday in 2002.

He has been ed...
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Owners of undeveloped plots of lands are not paying any taxes. This is an investment and they should pay yearly tax.
Charles Muscat
XIFAJK, veru zlaqt finn niexef u ma tifimx. Is sinjur ihallas anqas taxxa ghax jimpiega lin nies barra minn ekk inti qat xi darba thallast minn ghand xi hadd li hu fqir? Paroli fil vojt qatt ma sewwa gid.
Polly Bonello
Kif iffissaw fuq 'l-electoral promises' in-Nazzjonalisti? Ara qabel fuq l-gideb 'importanti' taghhom , gideb ta 'finanzi fis-sod'.....dak ma tantx iffissaw fuqu! Il-gidba tal-finanzi fis-sod, il-prova taghha is in the 'eating': harsu lejn il-finanzi tal-Partit: se ikollhom ibieghu il-kazini taghhom! L-ewwel bieghu 'il-family silver' tal-pajjiz-dawk li kienu jahilbu l-profitti u issa se iduru ghal gewwa ukoll! Ara jekk hemm xi Ministru Nazzjonlist imur CEO fuq wahda minn -kumpaniji tal-Fortune 500: kif iffalluwha bil-gideb!
Mario Attard
Allura tridu tghidu li "Dom Mintoff" biss kellu hila jaghmel il-Mirakli? Ara veru kien is-Salvatur ta Malta! Malta Taghna ilkoll = Flimkien Kollox possibli. Is-Sinjur jiffranka it-taxxa u il-fqir ihallas ghas-Sinjur. Prosit!