BUDGET 2019
maltatoday | TUESDAY • 23 OCTOBER 2018
4
In and out: the government's income and expenditure in 2019
€1,869,000,000
€1,034,000,000
SURPLUS
€33,343,000
In
€5.013
billion
Total revenue
Income tax
Despite government forgoing €11 million in tax refunds to all
those earning less than €60,000, increased economic growth
is expected to yield €187 million more from income tax in
2019.
€441,968,000
€388,915,000
€335,930,000
€944,000,000
Social security
National insurance contributions will top the €1 billion mark
for the first time, an increase of €76 million over this year. This
is a result of more people joining the labour market and a sign
of economic growth.
Customs and excise
For the second budget running, the
government has not increased excise
taxes. Increased economic activity is
still expected to yield an additional €19
million. The excise duty on cement will
yield €6 million more, the result of a
booming construction industry.
Licenses, taxes and fines
Government revenue from licenses is
expected to increase by €22 million next
year, with some €4 million coming from
gaming taxes.
VAT
The general VAT rate remains unchanged
at 18% but increased consumption is
expected to yield an additional €55
million. The VAT on ebooks and musical
instruments has been reduced to 5%.
Non-tax revenue
Government is estimating an increase of €28 million
in non-tax revenue next year. The bulk of this revenue
is made up of grants to the tune of €200 million.
