Individuals reading a master's degree or PhD will be exempt from paying tax when they enter the workforce for one year and two years respectively, Ministers Edward Scicluna and Evarist Bartolo have announced

The scheme will also be made available for any program registered as a level 7 or level 8 qualifications, which is the equivalent to postgraduate study. All applicants must be under 40 years old and not currently benefit from any other schemes.

Those who study their post-graduate course part-time will receive a half tax exemption.

“Our objective is to ensure that these schemes reach the maximum amount of people who wish to further their studies,” Bartolo said.

It is expected to cost between 6-7 million euro per year.

Scicluna stressed that these incentives are crucial to sustaining the workforce demand of the country's going economy.

“We currently have 1,600 people working within research and development, but we would like to have 4,500. Over the next four years the demand for professionals and management roles is going to increase by 40,000,” he said.

The Malta Independent asked whether their ministries were also working on addressing the growing concerns for University students, particularly Gozitans, with regard to ever increasing rental market.

Bartolo revealed that the education ministry is working with the gozo ministry to work on providing student accommodation for gozitan students.

Scicluna said that the white paper of the rental market will seek to address all members of society, including students, while stressing the need for consultation prior to making any specific decisions.