The Government will be presenting the Budget for 2025 in Parliament on Monday 28 October 2024.
In comments made by Prime Minister Robert Abela while he is in New York in relation to the commitments of the 79th session of the General Assembly of the United Nations, announced that the Minister for Finance will be reading the Budget speech towards the end of next month.
Prime Minister Robert Abela said that the Budget for next year will continue to mean the implementation of the Government’s strong work program ‘Malta Together’ where it will continue to weigh families and businesses but it also addresses the new priorities.
“A budget that will link the fiscal incentives to the five priorities in which we want to direct our economy”, said Dr. Abela, who also meant that this will be another socially strong Budget but also that rewards courage by strengthen the middle-class through a reduction in the income tax rate. Prime Minister Abela said that the main principle of the quality of life is the basis of the upcoming Budget where the Government wants not only to incentivize, subsidize and offer a better income for the family but all that is beneficial for the people it must be enjoyed by in tranquility.
Dr Abela noted the consultation exercise that the Government is carrying out with the social partners and the people. He said that this social dialogue is important in drawing up the Budget with which the Government continues to offer direction for the coming year and beyond. The Prime Minister explained how despite international challenges, the Maltese economy is strong and resilient and the experts are now certifying greater economic growth than that predicted in recent months.
HE stressed that the Government’s job is to make that growth sustainable and address new realities with an emphasis more on quality including when the country comes to choose an investment it wants to go for, particularly the one that leaves added value and requires fewer workers known as ‘low-skilled’. Prime Minister Robert Abela also explained how areas such as the environment, infrastructure, health and education, will remain crucial in the capital investment that the Government will be making in the next Budget. This while the fiscal situation will continue to be strengthened with wise and targeted investment.
Photo: OPM
