4 maltatoday | TUESDAY • 25 OCTOBER 2022
BUDGET2023
In and out: the government's income and expenditure in 2021
€2.3 billion
€1.4 billion
€1.4 billion
€570 million
€384 million
€325 million
Borrowing
requirement
€1.6
billion
In
€6.4
billion
Total revenue
Income tax
The projection is €129 million more than what government expects to collect by the
end of 2022 despite forgoing €26 million in tax refunds to all those earning
less than €60,000. The cheques will range from a minimum of €60 and a
maximum of €140.
Social security
National insurance contributions will yield €75 million more in
2023 than the revised estimates for this year.
VAT
The VAT rate remains unchanged at 18%. Government is projecting
an increase of €151 million from VAT when compared to what it
expects to rake in by the end of this year.
Non-tax revenue
Government is projecting an increase of €57 million in income from
non-tax revenue. The bulk of this revenue is made up of EU grants
totalling €298 million.
Licenses, taxes and fines n
Government is forecasting around €18 million more from licenses, document
duty and fines, when compared to what it expects to collect by the end of
2022.
Customs and Excise
The budget includes no increases in excise taxes. Government is projecting
an increase of just €8 million in 2023 from what it expects to collect by the
end of 2022.
