PN pro­poses tax re­duc­tion on pur­chase of prop­erty in ar­eas tar­geted for re­gen­er­a­tion

Malta Independent - - NEWS - Gabriel Schem­bri

The Na­tion­al­ist Party is propos­ing a re­duc­tion on the tax paid for the pur­chase of prop­erty in ar­eas ear­marked for re­gen­er­a­tion.

This pro­posal is in­cluded in the new doc­u­ment pre­sented by the PN ‘A Pol­icy for Re­tail­ers’, penned by MPs Clau­dio Grech, Kristy De­bono, Mario de Marco and Robert Ar­rigo.

One of the main aims of the doc­u­ment is to re­think the re­tail spa­ces and this in­cludes the re­gen­er­a­tion in ur­ban ar­eas. Speak­ing at a press con­fer­ence, Shadow Min­is­ter for the Econ­omy Clau­dio Grech ex­plained that one of the pro­pos­als in­clude a re­duc­tion on tax for the leas­ing of com­mer­cial out­lets in ar­eas ear­marked for re­gen­er­a­tion, namely lo­cal­i­ties like Marsa.

He said that in order to ac­com­plish this aim, the Na­tion­al­ist Party is propos­ing the set­ting up of spe­cific schemes to re­ward re­tail­ers to set up shop in lo­cal­i­ties tar­geted for re­gen­er­a­tion. It also pro­poses in­vest­ment aid for in­vest­ment in ar­eas that are run down.

“By re­cre­at­ing re­tail ac­tiv­i­ties in such ar­eas, we will au­to­mat­i­cally be mak­ing them more live­able, more ac­ces­si­ble and will help cre­ate more jobs.”

To help with the re­gen­er­a­tion of th­ese ar­eas, the doc­u­ment also pro­poses the de­vel­op­ment of themed dis­tricts aimed at cre­at­ing a plat­form to bring to­gether re­tail busi­nesses op­er­at­ing in sim­i­lar mar­kets in prox­im­ity.

Gozo is also listed in the doc­u­ment to serve as a place to en­cour­age re­tail­ers op­er­at­ing in Malta to ex­tend their busi­ness.

‘A Pol­icy for Re­tail­ers’ is the sixth work­ing doc­u­ment pub­lished by the Na­tion­al­ist Party which, among other things, pro­poses a grant of a tax in­cen­tive that will re­duce the ef­fec­tive in­come tax bur­den of SME re­tail­ers to 10% on the first €50,000.

For SME re­tail­ers to be el­i­gi­ble for this tax mea­sure they need to show that they have com­plied with con­di­tions re­lat­ing to fair con­di­tions of em­ploy­ment for their work­ers, if any and im­prove­ments in en­ergy-ef­fi­ciency and en­vi­ron­men­tal stan­dards.

MP Kristy De­bono ex­plained that the doc­u­ment also looks into pro­pos­als to re­duce bu­reau­cracy. In fact, the PN is propos­ing the set­ting up of a pub­lic agency aimed to pro­vide as­sis­tance in the re­tail sec­tor. The agency will fo­cus pri­mar­ily on set­ting stan­dards for self-reg­u­la­tion, in­ter­na­tional pro­mo­tion of Malta as a re­tail desti­na­tion and on fa­cil­i­tat­ing con­stant stream of state-aid com­pli­ant in­cen­tives for the sec­tor.

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