8 October 2009
The Chamber for Small and Medium Enterprise (GRTU) has made a string of proposals designed to help revive the Malta property market, in preparation for the country’s upcoming Budget.
The GRTU’s top suggestion is that first-time buyers should be given a one-year concession from paying stamp duty on all homes in Malta priced at €120,000 (£110,000) and under.
The chamber believe that this measure will help increase demand for property in Malta among first-time buyers, which is currently at an historical low, and help with the sales of more Malta properties. The Malta property sector is currently experiencing somewhat of quiet period.
A spokesperson from the chamber said: “The GRTU has always advised the government in helping first-time buyers to meet each requirement.”
The chamber is also proposing the reduction of the current 35% withholding tax on promise of sale to 12%.
The government has also been urged to abolish the 1% fee paid on the promise of sale, which has, in the past, deterred some people thinking of buying a home in Malta. The chamber wants the fee to be replaced with a non-refundable €50 (£45) administration fee.
See Also: Marc Da-Silva (269), Malta (6), Tax (9)
Related News
