Issue link: https://maltatoday.uberflip.com/i/417582
3 Budget 2015 maltatoday, TUESDAY, 18 NOVEMBER 2014 BUDGET MEASURES project aims to maximise the use of operating theatres as well as the equipment at Mater Dei Hospital. Changes to the POYC System The POYC IT system has been further extended so that it now in- cludes medicines issued on the pink and grey cards. For the year 2015, the Government plans to import new medicines for the treatment of diabetes and review the entitlement criteria for various medicines. White Paper on Organ Donation Government intends to decrease the waiting list for transplants and also provide adequate security in this sector. Ex-Gratia Payment on Registration Tax Those registered a vehicle for per- sonal use between the 1st May and the 31st December 2004 will receive a refund Elimination of Registration Tax on Vintage Motorcycles No tax on new motorcycles with a cylinder capacity of 250cc or less, while a registration tax of 11.0 per cent is payable on motorcycles con- sidered 'old'. Reduced tax on ATVs or quad bikes will be reduced. School or Scheduled Transport Parents get tax credit on part of transport charges, up to a maxi- mum of €150 if they use school or scheduled transport. Pedelec Bicycles Sum of 15.25% of the cost of this category of bicycles during 2015. Waterpolo players Following the measure announced in the Budget for 2014 of giving a tax rebate to professional football play- ers, this scheme is being extended to include water polo players. PPP for the Marsa Racecourse An expression of interest will be issued for private investors to join in the management of the Marsa Race- course. Buying-Back National Insurance Contributions A number of persons born be- tween 1950 and 1956, and who are currently in employment but by the time they reach their retirement age would not have made enough contri- butions to reach the National mini- mum pension, will now be given the opportunity to pay back a maximum of five years of contributions so that they will qualify for a minimum pension once they retire. Compensation for NI Presently, there are a substantial number of people who worked for a number of years, paid their contri- butions for the period in which they were working, but received nothing back because they do not qualify for the minimum pension. Therefore, as of next year, the Government will launch a scheme whereby these peo- ple will be given a yearly lump sum of money. This means that persons born between 1941 to 1953, will receive an annual fixed amount of €100 if they had paid contributions for one year or more, but less than five years and €200 if they had paid contributions for five years or more. Funding maternity leave A special fund to finance materni- ty leave. As from January 1, 2015, the rate of this benefit will be increased and paid at a rate equivalent to the National Minimum Wage. Women in self-employment will have their maternity benefit rate increased to the minimum wage for their 14 weeks of maternity leave. Tax-free charity Companies donating not less than €2,000 to Malta Community Chest Fund, will get 50% of the amount of donation deducted from their 2015 taxable income. Pensions for CPD employees Every CPD employee will be able to benefit from a retirement pension on reaching 25 years of service. Homes for diabled people The Government will commence the development of the first 10 resi- dential homes in the community for disabled persons. Disabled in labour market Employer who employs a disabled person will be exempt from paying social security contributions for such employee, and maximum tax credit of €4,500 for each disabled employee. Full Disability Pension Disabled persons in employment to earn more than a minimum wage to get the full disability pension. Reform of Drug Laws Asset Management Bureau that will focus on the confiscation of as- sets acquired through 'dirty' crimi- nal money. Final Withholding Tax With effect from January 1, 2015, the 35.0 per cent Capital Gain Tax will be replaced by an 8.0 per cent Final Withholding Tax (FWT), ap- plicable to traders and non-traders alike. However, in case of non-trad- ers, property acquired before 2004, the applicable FWT rate will be 10.0 per cent, while for property acquired less than five years before the trans- fer of title, the FWT rate will be 5.0 per cent. This change will improve revenue tax as well as reduce the bu- reaucratic procedure. Child Supplement Child supplement of €400 for eve- ry child until the second child, and €200 from the third child onwards, to families whose household income is less than €11,900. The supple- ment will be tied to school attend- ance, regular medical check-ups and the child's participation in sport and cultural activities, with the aim of improving the children's education and psychosocial health. 22,000 children in 9,000 families will ben- efit from this measure. Exemption on purchase of first property Extension of one-time concession for those individuals who had never owned immovable property and who purchased property as a resi- dence during 2014. Lower prices for fuel The price of gas will remain stable at €18 until April 2015. The price of unleaded petrol will go down by €0.02 and that of diesel will go down by €0.01 as from January 1, 2015. Tax exemption on property divided between Co-Owners In cases of contracts for the divi- sion of immovable property where the owner acquires a share which has the same value as when it was undivided, no tax will be payable. This measure will give owners the chance to divide their property be- tween them without having to pay excessive taxes. Co-owners will have the facility of not selling their share. Exe mption from Capital Gains Tax Exemption on capital gains and stamp duty on property, whose transfer of title occurred from one of the owners to the other, and was acquired by two individuals with the aim of residing in it or building their main residence there on.