Summary of the Malta Budget 2025
On the 28th October 2024, the Finance Minister of Malta, Mr Clyde Caruana delivered the budget speech for 2025.
In this article we are highlighting some of the key measures that mostly will affect our customers:
- After years of no changes, the Income tax bands has been widened, promising to save each worker at least 475 Euro
- COLA (Cost of living adjustment) for 2025 will be 5.24euro per week or 0.131euro per hour
- Minimum wage to increase by 8.24euro/week to reach 221.78euro weekly.
- Children’s allowance to increase by €250 for each child.
- Marriage allowance to rise by €170 to reach €500 each person (or €1,000 for a couple).
- People undergoing IVF treatment to benefit from 100 hours of paid leave for each treatment cycle (60 hours for the prospective mother and 40 hours for their partner). This will also apply to self-employed women, starting from next year.
- Tax credit increase of €250 for parents whose children attend specialised therapy.
- Foster parents to get an additional €10 per week, rising to €6,240 yearly for each child fostered.
- Tax credits for parents of children in private schools, from €3,500 for children in kindergarten to €4,600 in primary school and €6,500 in secondary school.
- Local film fund to double to reach €2m.
- Female menstrual products like pads and tampons, female cancer patients products will be VAT Exempt.
Do you have any questions about any of the Malta budget measures or how these measures will impact your business in Malta, please feel free to reach out to us at [email protected]