Answer 6 Personal Questions And We’ll Tell You What’s In The Budget For You
So much is said during the budget, it can sometimes get a little confusing as to which parts apply to you and your life.
While it’s important to keep track of everything that’s going on in the country, here’s a little quiz to help you narrow down your focus if you’re looking for a little guidance as to the policies that matter.
1. The Environmentalist
You’re all about sustainable development and the hope for a greener future.
With this budget, proposals that may interest you are:
1. People who install a reverse osmosis system in their house will get a €70 refund, dropping the need for single-use bottles.
2. Every vehicle imported into Malta will lead to a tree being planted.
3. Consultations on a public-private partnership with land owners to turn their free land into public space, and the underground into parking.
4. Malta will get its first Geopark (like a nature park but to safeguard geological heritage) in an unspecified location.
2. The Entrepreneur
A savvy business mind is hard to keep down for long, but having a few extra Euro to spend will help an idea move along a little faster.
With this budget, proposals that may interest you are:
1. The Malta Development Bank will offer new schemes to further invest in both by SMEs and in infrastructure projects.
2. Tax benefits are being offered to companies in the private sector moving their operation to Gozo (an awesome place to build a business).
3. Talk of Medical Cannabis continued to be mentioned, a huge investment potential for budding entrepreneurs.
4. Businesses will be able to design paid apprenticeship schemes for post-secondary students and get these accredited. These accredited apprenticeships will then be included within the students’ courses.
5. A big emphasis on eSports brought up in the budget will also bring a lot of potential business opportunities.
3. The Student
It’s not all books and assignments; being a student can be challenging, so here’s what you can benefit from to make your life a little easier:
1. Mid-year exams are a thing of the past for students up to Form 2.
2. Malta’s push into eSports is a good opportunity for students to turn a hobby or a passion of theirs into a viable career option.
3. Paid apprenticeships are being designed with accredited businesses, allowing students to get a holistic education in whatever sector they apply for.
4. A park and ride facility from Mġarr, Gozo will be set up, making life easier for the Gozitan students.
5. The scheme allowing people aged 16-20 to benefit from a free Tallinja card will be extended for another year.
6. Security personnel and receptionists will be hired at state schools at an annual expenditure of €280,000.
4. The Old Soul
You’re not necessarily a pensioner yet, but you’re thinking ahead.
Here’s how the budget can help you:
1. Persons over 40 who can afford to put a serious downpayment on a home but cannot get a loan because of their age will benefit from a new government scheme to help them acquire the home.
2. A legal infrastructure to combat noise pollution is to be set up.
3. People in employment with the government can choose to delay their retirement to continue working earning their wage.
4. Buying a house to retire in Gozo is a little cheaper, with people who choose to live in Gozo paying 2% tax (instead of 5%) on their home their.
5. The Traveller
Seeing every corner of the globe is an exciting prospect, but can be pretty costly at times.
Here’s how the budget might help you:
1. Wedding grants (a thing that actually exists) have gone up by €250, bringing them up to a maximum of €2,000 – that’s a lot of saved cash you can put towards a honeymoon.
2. The Gozo tunnel was mentioned as a definite plan, so those who like to escape for a quick weekend in Gozo can now do so more easily.
3. Voluntary organisations may now apply for tax-exempt status, meaning they can re-invest into their projects, including funding trips abroad for voluntary workers.
4. Your motorino trip across the Italian peninsula just got a whole lot cheaper, with a grant that gives you back 15.25% on electric bikes, scooters and motorcycles.
6. The family person
You love being home, in your own space, with people you care about or even just alone. You’re happiest when that front door closes and the comfy clothes are on.
Here’s how the budget will make things that much comfier:
1. Every worker is entitled to one more day of leave.
2. Minimum wage will increase by €3 weekly.
3. Landlords are to be incentivised to keep rent rates fair by being offered tax exemptions for doing so.
4. Tax deductions for parents sending their children to private schools is up to €300.
5. Electricity distribution centres across the island are set to be revamped, providing a better service to homes across Malta.
6. Intra-family business transfers shall remain at the reduced rate of 1.5%.
