Malta to sign social sector agreement with Portugal
Budget 2014 | How Scicluna is expected to raise €46 million in cash
Finance ministry submits budgetary measures for revenue generation to European Commission
9 October 2013, 12:00am
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."
Matthew Vella is editor of MaltaToday.com.mt.After graduating in a...
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