 |
Lm21 million in social measures on 2008 Budget
By MaltaMedia News
Oct 15, 2007 - 8:57:31 PM
|
|
As expected, the Budget presented Monday evening by the Prime Minister reflects the upbeat mood of the Government induced by the improved performance of the Maltese economy over the last year.
Primarily, the Budget aims to reduce the budget deficit by LM 20 million and to increase investment in the economy and to generate wealth for the future by supporting industry, tourism, the infrastructure, schools and the environment. A number of social measures costing a total of LM 21 million have also been introduced in the Budget for 2008. According to the Prime Minister, these measures are meant to translate the success of Malta’s economic performance into benefits for employers, employees, families and pensioners.
The following are some of the key measures announced in the Budget:
Industry: LM 2.3 million liri will be allocated to co-finance EU supported projects to improve industrial zones.
Tourism: The budget allocation for the Malta Tourism Authority will be increased from LM 8 million to LM10.5 million to help support low cost airlines, intensive advertising and tour operators.
Labour market: A sum of LM 1.5 million will be used to integrate the unemployed in the labour market, to help the disadvantaged and to support the employment of women in the market.
Tax: A number of measures have been announced to reduce the income tax payment for income earners on the lower brackets. This is the second part of the Government’s income tax reform.
Family: Lm 5 million liri will be used to improve the children allowances given to families. All children will benefit from children’s allowance regardless of the income of a family.
Pensioners: From 1st January the increase to make up for the cost of living will be paid in fill to pensioners.
Health: A new 280 bed facility will be constructed in Luqa at a cost of LM 12 million liri co-financed by the European Union.
Gozo: Twenty different initiatives have been announced to support the development of the island’s infrastructure and social development. These include the transfer of more administrative government work to Gozo, a facility for cruise liners in Xlendi Bay and LM250,000 for afforestation, valley rehabilitation and other environmental initiatives which will also create 50 new jobs.
Education: LM 6 million will be spent on the construction and modernisation of new schools and LM 5.3 million will go the University of Malta’s capital investment. Another LM 200, 000 will for scholarships at a Masters and PhD level.
Culture: Value Added Tax on rent of space for cultural activities will go down from 18 per cent to 5 per cent. LM 100, 000 will be allocated to provide incentives for Maltese produced films.
Sport: The allocation for the Malta Council for Sport will increase by LM 300, 000 to reach the sum of LM 1.5 million liri.
Environment: The capital expenditure for the improvement of waste management will increase to LM 5 million liri while the Salini area will be rehabilitated at a cost of LM 4.5 million.
Urban regeneration: A project worth LM 70 million euros which is co-financed by the EU will go for a system that will help improve the flooding management system in central Malta namely in the areas of Birkirkara, Lija, Msida and Balzan.
Agriculture: LM 100 million euros will be allocated for the improvement of agricultural development.
Animal welfare: LM 150, 000 will be provided to voluntary associations working on animal welfare.
MaltaMedia's special news feature about the Malta Government's Budget for 2008 brings you all the salient points and details, including the full text and audio of the Budget Speech.
© Copyright 2007 by MaltaMedia.com
[an error occurred while processing this directive]
Top of Page
|
|
|
Latest update:
Oct 17, 2007 - 9:44:15 AM CET
|
