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Malta: Income Tax revenues fall by a fifth this year

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Government revenue for the first eight months dropped by more than 20 percent compared to the same period last year. Figures by the National Statistics Office show that between January and August, the Government’s Consolidated Fund stood at €2,542.8 million, down from €3,190.2 million in 2019. Total expenditure rose by 16.3 percent to €3,611.1 million this year.

Increases were recorded under Fees of Office (€30.6 million), Miscellaneous Receipts (€29.9 million) and Dividends on Investment (€4.0 million). On the other hand, Income Tax fell from €1,071.2 last year to €835.9 this year – the largest drop among recurrent revenue categories.

Decreases were also experienced in Value Added Tax (-€177.3 million), Grants (-€84.6 million), Customs and Excise Duties (-€84.5 million), Social Security (-€72.8 million), Licences, Taxes and Fines (-€59.8 million), and Reimbursements and Rents (both -€7.7 million).

Capital spending by the government rose from €313 million in 2019 to €525 this year, driven mainly by €213 million in investment incentives.

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