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The Maltese Herald

Government collects more taxes in 2024, but expenditure is also also up

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by

Mark Camilleri
in ,

The government has collected more taxes in 2024 compared to 2023 mainly in income tax and VAT. Income tax collected in 2023 amounted up to €2.45 billion with income tax collected in 2024 up to €2.85 billion as of November. VAT collected in 2023 amount to €1.28 billion and rose in 2024 up to €1.77 billion. Government revenue in 2023 was €6.4 billion and expenditure at €7.4 billion with an annual deficit of up to €950 million around 4.9% of the GDP.

Revenue and expenditure in 2024 were recorded at €6.5 billion and €7 billion respectively respectively as of November, with expenditure amounting to an increase of up to €800 million compared to last year. This may indicate that the government is struggling to bring its budget deficit down although progress is being registered in government  revenue.

Total government debt stands at €10.36 billion, €784.7 million higher than last year. Public debt soared during the Covid pandemic mainly due to the government’s aid measures and energy subsidies which are still ongoing.

 

Comments

3 responses to “Government collects more taxes in 2024, but expenditure is also also up”

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