YES MINISTER, A BUBBLING ECONOMY – but as a pensioner am I taxed far too much?
With all due respect to the late Lino Spiteri who was an excellent Minister for Finance as well as an excellent journalist, I have no doubt that Professor Edward Scicluna is the best and most capable Minister for Finance we have ever had in this country, even taking into consideration the relatively different eras of their portfolios.
Fair enough, governance is team-work and not the single-handed achievement of just one person. However, the capability and excellence of a Government stems from the man at the helm i.e. the Prime Minister and depends on all the Cabinet, Finance being undoubtedly one of the more important portfolios.
There is no need to list all that Minister Scicluna has achieved – the results and statistics speak for themselves, strong economic performance, strong control of Government finance and financial measures, a Budget surplus (hitherto virtually unknown) and the control of National Debt … to name but a few.
These in turn lead to employment creation, another excellent Government achievement. More people at work and less people dependant on social welfare leads to greater financial Government strength with more income tax and national insurance contributions and more consumer spending and hence more Government revenue.
Speaking of income tax it is indeed heartening to read that Leader of the Opposition Adrian Delia is now stating he has paid off his tax dues, or a large chunk of them and without being in any way vindictive I wonder the extent of interest he had to pay on late payments.
Considering my own experience, last year I was overdue making income tax payments by a few weeks here and there and had to pay fines – so I dread to think what Delia had to pay!
Further on this subject, one or two observations the Minister may wish to consider. If I delay to pay my tax dues, I face fines. YET, my last updated statement covered the early part of last year and was incorrect too. The penalisation system seems to be on a one-way basis – in favour of the tax man and against the tax payer!
Why so much delay in issuing an updated tax situation about one’s tax standing?
As I stand today, I don’t know where I stand, whether I am still in debt or whether I am in credit or whether at par.
Which leads me to another point; I am a pensioner and I have continued to work beyond pension age not to conform to the entire blurb about keeping healthy, attentive, on the ball and all the rest of that stuff. The reason is I need the money because relying on a mere pension is far, far from possible.
This is how it works out:
From a part-time job I have to pay 15% income tax but no NI stamp;
From journalistic work I also have to pay 15% Income Tax and also have to pay VAT – besides having to pay VAT on almost every blessed thing I purchase!
On top of all these, pensions have only improved marginally over the last few years and the whole pension system is full of anomalies and inequalities.
Are all these ‘incentives’ for pensioners? Far from it; I paid Income Tax and NI all my working life and now, when I should be putting my feet up and ‘reaping the fruit’ of all my hard work, I am still paying all this tax.
Over to you Profs!
ALBERT JEROME FENECH
