NSO: Tax revenues in 2022 increased by €503.2 million

Tax revenues in 2022 increased by €503.2 million over the previous year, reaching a total of €5,098.7 million.

Data provided by the National Statistics Office (NSO) shows tax revenues represented 86.7% of the total generated government revenue collected in 2022.

Direct taxes amounted to €2,285.2 million, making up 44.8% of the overall tax revenue. This marked an increase of €203.2 million compared to 2021.

In 2022, Personal Income Tax rose by €232.8 million, while Corporate Income Tax, on the contrary, dropped by €38.3 million over the previous year.

Indirect taxes amounted to €1,822.8 million, an increase of €224.2 million when compared to 2021. This is equivalent to 35.8% of the total tax revenue.

Within this category, Value Added Tax stood at €1,189.5 million, marking an increase of €188.8 million when compared to 2021.

Taxes on products totalled €513.5 million, reflecting an increase of €14.4 million over the previous year. This increase can be attributable to higher tax revenue generated from duty on documents and the consumption of cigarettes, which was partially offset by a decrease in the excise tax levied on petroleum.

Other taxes on production added up to €92.4 million, registering an increase of €15.4 million over the preceding year.

Social contributions paid by employees, employers, as well as self- and non-employed persons accounted for 19.4% of the total tax revenue in 2022, amounting to €990.6 million.

This reflects an increase of €75.8 million when compared to the preceding year.

In 2022, Malta’s total tax burden went down to 29.6% of GDP, down from the 30.1% of GDP reported in 2021.

Data shows an average tax burden of approximately 30.6% for the period between 1995 and 2022. This implies a relatively consistent tax environment during these years, with variations around this average, including values ranging from as low as 25.5% and as high as 34%.