BUDGET 2008| Tuesday, 16 October 2007

Highlights of Budget 2008

• Non-taxable threshold from Lm4,500 to Lm4,894 (double computation)
• Tax-bands revised with greatest advantages to high-income bracket
• Increment in children allowances
• Pensioners will not lose out on their pension if they continue to work
• Tax breaks for sending children to kindergartens, sports centres
• Tax advantages to sponsoring the arts
• Stipends for those who read a first degree abroad
• Salary increases for armed forces personnel
• Full cost of living increase to pensioners
• COLA of Lm1.50

Vision statement

“This is a budget that will create growth, that will reduce the deficit by 20 million, and move closer to having a surplus. And this will allow us to give back so that the new generation will face the challenges of the future” - Lawrence Gonzi