The PL pledges to reduce corporation tax to 25%


Tista’ taqra bil-

The corporate tax rate will be cut by 10% and companies will be taxed at 25% instead of 35%, Labor leader Robert Abela said on Tuesday morning.

Addressing a press conference at the Rialto, Abela spoke of Labour’s commitment to cutting personal and business taxes.

Tax brackets should be widened for all, leaving workers with more disposable income, Abela said. He explained that the non-taxable income of married couples will start at €14,400.

In addition, the annual checks qualified as “refund” will also be increased, he added.

“It can be done because we have been responsible for our expenses,” Abela remarked, and said the country’s finances allow it.

The press conference was also delivered by Silvio Schembri, who is Minister of Economy, who stressed that the government was close to business during the pandemic.

“Now that we leave the pandemic behind us, we need to sustain economic growth,” Schembri said, referring to the European Commission’s forecast.

Last week, the European Commission said Malta’s GDP is expected to grow by 6% in 2022 in its Winter 2022 Economic Forecast, which focuses on GDP and inflation developments across all member states. of the EU.

He added that businesses have shown they are resilient throughout the pandemic and now it is the government’s turn to support them.

PL’s pledge to reduce corporate tax will help strengthen businesses as it increases liquidity, Schembri insisted, adding that small and medium-sized businesses stand to benefit.

Legislative candidate and Finance Minister Clyde Caruana has pledged that a new PL-led administration will not cut taxes to get elected and then raise them by the end of term.

“We will not impose any additional tax burden on the country and taxpayers,” he said.

Asked how the government will compensate for this “loss” of public revenue, Abela said experience shows that when tax burdens are reduced, people work harder.

“A new administration led by the PL is a guarantee that the burden for the taxpayer is minimal,” he concluded.

The leader of the PL said that the party, if elected, intends to finance social measures through the wealth generated by economic growth, while measures related to industry and green initiatives will be financed by EU funds and the NSDF.

The manifesto will be approved – Abela

Ask by the party is already announcing its proposals before its manifesto is approved, Abela listed the PL’s promises so far, and said there was no doubt “it will be approved”.

The Labor leader mentioned first-time buyers should win if PL is re-elected on March 26. He noted that the PL promises more green spaces and widening tax brackets.

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Abela mum on Muscat’s participation

The Labor leader declined to say whether his predecessor would attend any upcoming political party rallies or events. Asked if disgraced former PL leader Joseph Muscat would be asked to speak during the election campaign, Abela insisted that the party does not throw anyone under the bus without naming Joseph Muscat once in answering the question.

“Unlike the PN, which is experiencing an exodus,” Abela said in reference to recent announcements by PN MPs Claudio Grech, Mario Galea, Kristy Debono and Clyde Puli, who will not be seeking re-election.

Muscat was forced to resign following the arrest of former Electrogas director Yorgen Fenech, who was arrested in connection with the murder of journalist Daphne Caruana Galizia. After days of daily mass protests in November 2019, Muscat announced he would step down two months later after a new PL leader was elected by party supporters.

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Checks due before polling day

Abela said the “tax refund” checks will arrive as soon as possible and the government will not wait until after election day to send them out.

“It’s good to help people,” Abela said, when pressed on whether they would be sent now amid the election campaign, with reporters pointing out that it could be seen as an abuse of power. power”.


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