The Government of Malta has announced incentives to encourage employers and employees to invest in voluntary private pensions.
Employers will now get a maximum tax credit of €150 for every €1,000 pension product bought for their employees. If the outlay is less, the credit would be 15%. Employees who participate in the purchase of such products would not be considered as getting a new taxable fringe benefit and they would be tax exempt up to the amount of €150.
The incentives also applies to self-employed persons who set aside some of their money for a private pension.