Home / Business and Economy / Malta's Tax Revenues Reach €6.7 Billion in 2024
Malta's Tax Revenues Reach €6.7 Billion in 2024
29 Oct
Summary
- Tax revenues increased by €1.18 billion in 2024
- Corporate Income Tax rose by €588.6 million
- Environmental taxes made up 4.6% of total tax revenue
According to the latest data from the National Statistics Office (NSO), Malta's total tax revenue in 2024 stood at €6,769.9 million, or €6.7 billion. This figure represents a significant increase of €1,179.0 million, or 21%, over the previous year.
The tax burden, which measures the total amount of taxes and social contributions as a percentage of Gross Domestic Product (GDP), reached 29.3% in 2024. This marks a 2.6 percentage point increase from the 26.7% recorded in 2023, indicating a higher tax load on the Maltese economy.
Within the overall tax revenue, direct taxes remained the largest component, totaling €3,457.5 million and accounting for 51.1% of the total. This category saw a substantial increase of €908.6 million, driven primarily by a €588.6 million rise in Corporate Income Tax and a €238.1 million increase in Personal Income Tax.
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Indirect taxes, which include the Value Added Tax (VAT) and taxes on products, amounted to €2,139.9 million, representing 31.6% of total tax revenue. Social contributions, which include payments by employers, employees, and self-employed individuals, accounted for 17.3% of the total, reaching €1,172.5 million.
Environmental taxes, which include levies on energy, transport, and other environmental-related activities, increased marginally by €1.0 million to €312.5 million in 2024. This figure represents 4.6% of the total tax revenue and 1.4% of Malta's GDP.
Overall, the data reflects a stable and growing tax environment in Malta, with the country's tax burden remaining within a relatively narrow range over the past three decades.
