Earlier on this year, the Maltese Government launched the Third Pillar Pension Scheme, paving the way for low income earners to start saving for their retirement.
A new Article 57 has been introduced to the Income Tax Act which provides for a tax credit with respect to contributions paid to personal retirement schemes or premium payments in relation to a policy of insurance.
By means of Legal Notice 468 of 2014, the Government has now issued rules to provide for the criteria to be satisfied by qualifying schemes and individuals who make qualifying contributions to qualifying schemes.