Mini Budget 2020 – Benefits for Households and Individuals

The Mini Budget 2020 announced on 8 June 2020, by Malta’s Prime Minister Dr Robert Abela and Minister of Finance Profs Scicluna contained various measures to assist businesses and households alike in this post-covid-19 scenario.
In this blog we will consist of those measures relating to households and individuals in Malta.

Personal Vouchers
All persons over the age of 16 will be given €100 in 5 vouchers of €20 . of these, €80 are
redeemable in bars and restaurants and €20 in retail excluding supermarkets.

Tax Refunds
A cheque with tax refunds will be sent in the coming days to 210,000 employees, who worked in 2018. An average family where both parents work will receive up to €328.

Fuel
Fuel prices will decrease by 7c owing to a reduction in fuel taxes thereon. Therefore, as from Monday petrol and diesel will cost €1.34 and €1.21 per litre, respectively.

Property
Taxation on buying or selling of property will be reduced even for those who have already signed a promise of sale. This will be extended till March 2021.
Stamp duty will be reduced from 5% to 1.5%on contracts to be signed between June 9 and March 31 of next year for properties costing less than €400,000.

The First-time buyers measure will be adjusted to include those who already own a property. The scheme will be modified for all contracts taking place from 9 June, unless a person has benefited from the scheme since 2013.

Weddings
Couples who had to postpone their wedding will be given a refund of €2,000 out of an allocated €2 million budget.

In-work benefit
Families will receive a down payment of €250 each. The families who are eligible for the benefit will be expanded. The sum received per child will be increased.

Homes for the Elderly
A €2 million fund has been earmarked for homes for the elderly, with a further fund of €3 million fund being allocated for homes and voluntary organisations whose bills increased during COVID-19.