VALLETTA, Oct. 23 (Xinhua) -- Malta's biggest contributor of the budget surplus registered in 2016 was from the controversial passport scheme, the local media Time of Malta reported on Monday.
According to the report issued by Malta's National Statistics Office (NSO) on Monday, a total of 163.5 million euros (192 million U.S. dollars) was derived from the so-called Individual Investor Program (IIP).
Time of Malta said that the cash-for-passport scheme is still shrouded in secret with the government refusing to publish the names of those buying Maltese citizenship, which puts them on par with Maltese and EU citizens.
The NSO explained the major positive adjustment is the surplus recorded by Extra Budgetary Units of 183.4 million euros, particularly by the setting up of the National Development and Social Fund (NDSF). With these adjustments, the government's consolidated fund registered a surplus of 8.9 million euros.
The NDSF receives 70 percent of the contributions under the Individual Investor Programme, which was set up by the government in July 2016.
Prior to 2016, the proceeds were temporarily accumulated in a Treasury Clearance Fund account and were recorded as revenue since 2014.
Upon the setting up of the NDSF in 2016, IIP contributions started featuring in the Fund.
A transfer between the TCF account and the NDSF was necessary, resulting in an equal expenditure and revenue transaction of 43.5 million euros, with no impact on the fiscal balance for 2016.
In 2016, the general government registered a surplus of 112.9 million euros, equivalent to 1.1 percent of GDP, shifting from a deficit of 104.1 million euros recorded in the previous year.
