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