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MaltaToday 30 October 2022

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maltatoday | SUNDAY • 30 OCTOBER 2022 BUDGET 2023 BY now we've all calculated how the budget delivered by Clyde Caruana on Monday has impacted our pockets and families. The headline measures were splashed all over the news portals, making it easy for everyone to understand the more direct impact of Budget 2023. However, we now present a more detailed view of the individual line items in the budget to understand from where government will derive its income and how it will spend the money next year. From the obvious massive cost centres to some of the minor, more quirky ones, we present a snapshot of how public finances will shape up. On the income side, it is interesting to note that government is forecasting less income from excise duty on beer, spirits and wine. On the flipside, excise duties on cement will leave public coffers €2 million richer than this year, Government is also forecasting a drop of €9 million in income from the golden passport scheme next year. Income tax and VAT will remain main drivers of income for the government with increases of €400 million and €100 million re- spectively. But alongside these major income centres, government also de- rives income from swimming pool permits, car use, and the sale of graves. The expenditure side is expectedly more varied. From the mas- sive expense of €754 million on retirement pensions to the hefty €580 million on energy subsidies, government spending will tot up to €7.8 billion next year. While expenditure in some areas will increase, in many aspects it will remain static, while in some areas it will be less. Comparisons are between Budget 2023 and the approved esti- mates for 2022. 'NC' denotes no change from the previous year, while 'New' indicates the item is a new entry. SEE PAGE 8 We've sized up some of the obvious and not so obvious income and expenditure items in Budget 2023 to understand what will change or remain the same Ups and downs

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