Treasury paying out €7.5 million in tax refunds
Finance Minister says refunds are ‘procedure’ and have nothing to do with elections
The Treasury is this week paying out an estimated total of €7.5 million in company tax and income tax refunds.
The payment, which was due according to governmental procedures, is said to be unrelated to the fact that the country goes to the polls next Saturday. Speaking to MaltaToday, finance minister Tonio Fenech confirmed the payments are underway.
"It is standard procedure for the Treasury to issue tax refund payments during the first three months of the year, which is the time when the workings related to computations by companies and individuals, mostly working mothers, would be reimbursed for rebates, tax credits or any excess in tax paid in relation to the previous year's assessments," Fenech said.
The finance minister stressed that the payments being sent out now are in line with government policy, and reflect the strict procedures adopted over the past years, which impose penalties with interest on government for any delays in refunding the taxpayer.
"In March last year, government paid out some €30 million in tax refunds, and the refunds being paid now are a confirmation that they have nothing to do with Saturday's election," Fenech said, adding that the refunds have no impact on government's budget, because all financial budgets related to the finance ministry are all net of refunds.