Budget Measures That Took Effect On January 01, 2023

Home*Cover Story*News

Budget Measures That Took Effect On January 01, 2023

A number of measures announced by Minister of Finance, Colm Imbert, during the Budget presenting for fiscal 2023 were due to take effect on January 1st.


An increase in the personal income tax exemption limit from $84,000 to $90,000; the introduction of a three-tiered subsidy structure under the HVIP on the land topography and increase in max subsidy applicable for the construction of basic housing.

A one year V.A.T waiver on new equipment for manufacturing companies utilising alternative energy technologies. The implementation of an apprenticeship allowance to encourage more businesses to hire persons aged 16 t0 25 in order to gain work experience. The offer of a one-time tax credit to approved electronic payment providers/e-money issuers up to $50, 000. These are among the measure put forward by Minister Imbert.

The list, as publised by the Finance Ministry reads in full: