Budget Highlights

Following is CamilleriGalea summary for Budget 2020

1. COLA to be €3.49 per week. This will be granted as a pro-rata increase to students’ stipends.
2. A one- time bonus will be given to each household, €15 for a single person household and €35 for households with two or more persons
3. First 100 hrs of overtime of an employee in a non-managerial position and earning no more than €20,000 in a calendar year shall be taxed at 15%
4. Duty exemption for first time- buyers shall increase from €150,000 to €175,000, resulting in a savings of €1,250 this incentive is applicable immediately
5. Second time buyers are currently eligible for a refund of stamp duty of up to €3000, this has been extended for 2020
6. Loans of up to €17,500 shall be granted to assist qualifying buyers with initial down payments. Such interest will be borne by the government and the loan will be repayable by 15 years
7. With effect from 1 January 2020, the first €100,000 of profit derived on the transfer of any right acquired through a promise of sale agreement shall be subject to a final tax at a reduced rate of 15%.
8. Reduced rates on properties bought in UCA areas and acquisition of property in Gozo will be extended into 2020
9. With effect from next year, a grant of 25% on the purchase of renewable energy battery storage shall be introduced in order to promote the use of renewable energy resources. This grant, capped at €1,000, is available to individuals who have already installed solar panels and who are no longer benefiting from the feed-in tariff scheme
10. Contractors will be offered grants of up to €200,000 when they replace their heavy machinery with less polluting and less noisy models. Malta Enterprise will administer this scheme.
11. The exemption of electric and hybrid vehicles from registration tax will be extended for another year. 
12. An additional day of vacation leave has been added, i.e.  total leave adds up to 27 days
13. Pensioners shall benefit from a weekly increase of €3.51 per week with effect from 2020
14. A one-time bonus of €300 for each child born or adopted in 2020 shall be given to eligible families
15. Parents of qualifying children suffering from rare ailments who have opted to cease work to take care of their ill children, shall be accredited with a notional social security contribution equivalent to the contributions they would have paid had they not ceased to work. This notional social security contribution shall apply for a maximum of 8 years
16. The existing vehicle scrappage scheme shall be extended for another year and capped at €1,500
17. A cash limit of €10,000 shall be imposed on the purchase of real estate, vehicles, boats, precious stones and works of art
18. Public transport will be free of charge to people over 75 years of age
19. People over 75 years who live at home will again be receiving a grant amounting to €300 Elderly people aged over 80 will be getting €350. This grant will be extended to elderly people who pay to live in residential homes