The government does not exclude that, if need be, it will give more financial hand-outs later in the year, given the effects of the developing situation in Ukraine, Finance Minister Clyde Caruana said on Monday.

“The Ukrainian conflict has resulted to international impacts on oil and wheat prices, as well as other essential products. The government is closely monitoring the situation as without a doubt, it will have an impact on Malta,” Caruana said.

Caruana was speaking at a press conference in Żabbar during which he announced that as from today income tax refunds as well as cost of living cheques have started to be distributed.

He said that the government will continue to aid citizens to address the high cost of living issue should there be the need.

Caruana commended the government’s success in protecting the country’s economy during the pandemic and will continue to do so in the coming months.

He gave a breakdown of the €70 million which have already started being handed out to citizens, €25.5 million of which will be tax rebate cheques, whilst €48 million will be cost of living cheques. Caruana said that the value of these cheques has increased due to the latest Budget.

Tax rebates for single people will amount to a total of €16.5 million whilst couples will benefit from a total outlay of €3.8 million. Parents will receive €5.2 million, he said.

The remaining €48 million will benefit 361,000 people.

Workers and students who receive stipends will receive cheques worth €100, while pensioners and people on social benefits will receive up to €200.

“This is a government who wants to stay close to the people,” Caruana said.

The cheques will benefit 380,000 people in total and will continue to be given beyond this legislature, Caruana said.

Caruana said that the PN’s tax credit measure is inferior to that of the tax refund, adding that once again, the PN has ‘forgotten those who receive minimum wage,’ as those will be taxed as well under a PN government, he said.

Tax refunds details:

Single people earning between 0-€15,000 - €125.

Those earning between €15,001 and €30,000 - €95

Those earning between €30,001 and €60,000 - €60.

Couples earning between €0-€20,000 - €140.

Couples in the €20,001 to €40,000 bracket - €110.

Couples in the €40,001 to €59,999 bracket - €65. 

Parents earning between 0-€15,000 - €135.

Parents in the €15,001 to €30,000 bracket - €105.

Parents earning over €30,001 - €60.