The main aim behind the 2014 Budget as presented in Parliament by the Minister of Finance Dr. Edward Scicluna is to seek to set up a fiscal policy adopted by government with the target to reduce the deficit to GDP ratio to less than 3% whilst retaining the economy’s momentum.
This budget aims to continue with the fiscal consolidation and economic sustainability whilst strengthening the social safety net and providing enough targeted incentives to promote further investment and ultimately to create more jobs.
Amongst numerous positive tax measures, the budget focuses on six priorities namely:
1) Expenditure should match revenue being generated
2) The reduction of energy costs
3) Making Work Pay to improve economic efficiency and effectiveness
4) Reduction in bureaucracy and waste of resources
5) Diversification in the industries and target countries with which Malta undertakes economic activity
6) Social services to be based on the concept of sustainability which ensuring that these are strengthened and improved.
Click here to download our brochure on the Malta Budget Highlights 2014