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Malta announce their 2010 Budget
The Minister of Finance presented the Budget for calendar year 2010 focusing on the Government's strategy to respond to the challenges presented by the global economic crisis. Taxand Malta discuss the aims and the key budget decisions made by the Maltese Government for 2010.
The aim of this budget is to strengthen the fiscal and economic stability and market competition, invest in health, social welfare, education and training, infrastructure, environment, roads, historical and cultural heritage, viable economic sectors as well as incentivise productive investment and implement the Government's vision for Gozo as an ecological island.
- Increase in the election period with respect to the property transfers tax
- Assistance to small enterprises in financial difficulties
- Incentives targeting companies investing in research projects
- IRD, VAT & Customs will be integrated to combat tax evasion
- No refunds to defaulting taxpayers
Companies involved in R&D as well as back office services may benefit from fiscal incentives available by the Malta Enterprise.
Companies having any tax refunds should ensure that they are in compliance with IRD and VAT as the Minister of Finance announced that the IRD, VAT and Customs will be joining forces and no refunds will be processed unless taxpayers are up to date.
Your Taxand contact for further queries is:
T. +356 2730 0045
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