Malta De­vel­op­ers As­so­ci­a­tion wel­comes bud­get mea­sures

Malta Independent - - BUDGET 2017 -

The Malta De­vel­op­ers As­so­ci­a­tion wel­comed a num­ber of mea­sures an­nounced in the bud­get speech, mea­sures which the Govern­ment in­tends to im­ple­ment to con­tinue to main­tain the good pace of eco­nomic devel­op­ment in the coun­try in re­cent years.

Among these mea­sures there are sev­eral that the MDA in­di­cated to the govern­ment dur­ing con­sul­ta­tion meet­ings held with the au­thor­i­ties, among which: • the ex­ten­sion of the scheme through which first time buy­ers are ex­empt from pay­ing stamp duty on the first €150,000; • the con­ces­sion for those who are pass­ing on their busi­ness to their chil­dren where stamp duty on trans­ferred prop­erty will be of 1.5% in­stead of 5%; • a fis­cal in­cen­tive for those who rent for not less than seven years so that the ten­ant will be re­as­sured that he has a rea­son­able pe­riod in which he will not lose the lease; • the low­er­ing of stamp duty on those who buy prop­erty in Gozo from 5% to 2%; • the re­moval of the anom­aly that ex­ists when parts of structures that are made abroad have an ad­van­tage on those made in Malta be­cause of the ex­cise duty on ce­ment; • fis­cal in­cen­tives for those

who de­velop car parks; • the re­newal of tem­po­rary leases where govern­ment is the owner; and • fi­nan­cial as­sis­tance schemes for prod­ucts that are en­ergy sav­ing, like heat pumps. The MDA also un­der­stands that in a situation where the con­struc­tion sec­tor is do­ing well, those in­volved in this sec­tor have to con­trib­ute to so­ci­ety so that there is more so­cial jus­tice. How­ever, it feels that the in­tro­duc­tion of ex­cise duty on im­ported con­struc­tion ma­te­ri­als will neg­a­tively af­fect the small con­sumer who is ac­quir­ing his first home.

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