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How much Tax should you pay in Malta?

When compared to the tax policies and protocols followed in most of the other countries, the one being implemented in Malta is very different. In the country of Malta, there are different kind of tax systems for various kinds of people. The tax rates are classified according to their statutes and levels in life. This article will be the answer to your question of how much tax do you pay in Malta?

There are some qualifications status to pay taxes in Malta. If you qualify then you will only need to pay less than 35 per cent as your total tax. But if you are not a Malta resident then you will be entitled to pay a different tax from the rest of all the citizens.

Tax for Individuals

If your annual income is lower than 9,100 Euros then you are exempted from paying tax to the Malta government. If your income is between 9,101 to 14,500 Euros then you need to pay a tax of 15% and 25% for those who earn in the range of 14,501 to 19,500 Euros. The tax rate of 25% and 35% are paid by people who earn in the range of 19,501 to 60,000 and people who earn 60,001 and above.

The same percentage is charged for both the married coupled and parents who have a kid studying in Malta under the age of 22. The only difference is the rate of subtraction. Only that differs between all the individuals based on their lifestyle and status.

Deductions Available

From the tax, you pay some of the spendings are actually deductible. The Alimony amount and the money spent on children’s education and sports fees can be deducted from the income tax. The loan which is used for generating any form of income can also be deducted for encouraging the citizens to build more businesses.

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