MDA welcomes Budget with satisfaction

The Malta Developers Association welcomes with satisfaction the measures announced by Government in the Budget Speech, which confirm that Government is giving the property market its due importance, while assuring a level playing field in this sector as well, through efforts aimed at avoiding abuse in taxation.

The measures announced include two that were among the proposals made by the MDA to Government, viz:

The introduction of an 8% withholding tax on the transfer of property instead of the existing different systems of taxation; and
The extension of the concession to those who do not own property, and who are purchasing a property for the first time, to do so without paying stamp duty.

The MDA also notes that the cost of construction will be affected with an increase in expenses since the construction industry was not spared the increase in indirect taxation, especially with yet another increase in the excise duty on cement.

MDA welcomes Budget with satisfaction

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