Current Affairs
VAT exemption limit increases to €20,000

Finance Minister Edward Scicluna announced that from the first of July the exemption limit for a person not to charge VAT will increase from €14,000 to €20,000 a year.

Minister Scicluna said during a press conference that, as announced in the 2018 budget, the Government strongly believes that small businesses are the motor of the Maltese economy and, following 18 years since the introduction of VAT, it was decided that the VAT exemption limit is increased by €6,000 to render the administrative and bureaucratic burden easier for those whose income through VAT is less then €20,000 a year.

Dr Frank Borg from the VAT department stated that there are currently 15,600 persons or small businesses who declare a value service of less than €14,000, while there are 900 others who will be directly affected because they declared an income of between €14,000 and €20,000.

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