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Follow on Google News | Malta Budget 2013: Tax Exemptions for Domestic Mergers and Group RestructuringMalta’s national budget for 2013 aims to continue the country’s financial consolidation plan, build up the social security net and promote investments.
By: Nair & Co. Tax Exemption for Corporations Tax exemption may be available for domestic mergers and group restructuring if the company can prove that the merger/division is for genuine economic reasons. Certain terms and conditions apply. Personal Income Tax Maximum Income tax rate will be reduced from 35% to 25% over the next three years for Maltese resident individuals whose chargeable income does not exceed EUR 60,000. Social Security Contributions Effective January 2013, parents who stop working to support their children with an intention to resume their job later, will be credited one year social security contributions per child and for disabled children, two years’ social security contribution per child. This provision is only available to parent’s born between January 1, 1952 and January 1, 1961. Child Allowance Annual child allowance will be increased from EUR 350 to EUR 450 per child. For families earning minimum wages, the rate will be further increased. For more information on this topic email media@nair-co.com Get the latest press releases and updates on international tax, HR, Finance, compliance and other legal news at Nair & Co. Industry Alerts (http://www.nair- End
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