Issue link: https://maltatoday.uberflip.com/i/585015
7 Budget 2016 maltatoday, TUESDAY, 13 OCTOBER 2015 TAX Tax rate changes SINGLE MARRIED PARENT Tax band (€) Tax rate Less (€) 0-€9,100 0% 0 €9,101-€14,500 15% €1,365 €14,501-€19,500 25% €2,815 €19,501-€60,000 25% €2,725 €60,001 and over 35% €8,725 Tax band (€) Tax rate Less (€) 0-€12,700 0% 0 €12,701-€21,200 15% €1,905 €21,201-€28,700 25% €4,025 €28,701-€60,000 25% €3,905 €60,001 and over 35% €9,905 Tax band (€) Tax rate Less (€) 0-€10,500 0% 0 €10,501-€15,800 15% €1,575 €15,801-€21,200 25% €3,155 €21,201-€60,000 25% €3,050 €60,001 and over 35% €9,050 Beneficiaries 0% tax rate 2,930 15% tax rate 44,871 25% tax rate 23,698 TOTAL 71,499 Beneficiaries 0% tax rate 3,869 15% tax rate 19,914 25% tax rate 7,739 TOTAL 31,522 Beneficiaries 0% tax rate 686 15% tax rate 6,752 25% tax rate 6,594 TOTAL 14,032 SAVINGS €120-€210 SAVINGS €105 SAVINGS €90 The 2016 Budget introduces further cuts for some 160,000 people who did not benefit from these cuts. People on a minimum wage will remain tax exempt, while single persons earning up to €9,100, couples with a joint declaration not exceeding €12,700 and parent declaring up to €10,500 will be also exempt from tax. Single people earning up to €9,500 will benefit from up to €90 in cuts while parents declaring a single income of not more than €21,200 will save up to €105. Couples declaring a joint income of up to €28,700 will save up to €120 in tax cuts. Married couples who declare their income separately will jointly save up to €180. Moreover, married couples who both earn up to €21,000 will enjoy a tax cut of up to €210.