MDA satisfied government adopted its budget recommendations

The Malta Developers Association (MDA) is highly satisfied that its proposals for the Budget have been adopted by the government, as was confirmed from the Budget Speech, announced earlier today.

MDA is pleased to note that the time limits of tax incentive schemes introduced in previous budgets were extended. These include the first-time and second-time buyer schemes; the incentives for those who buy property in Gozo and in village cores; and the incentives for parents who donate their business to their children.

Other measures introduced in this budget in response to requests submitted by MDA include tax incentives for all contractors who invest in new machinery and the increase from €150,000 to €175,000 in the value of property bought by first-time buyers that is exempt from stamp duty. This will continue to help all those who decide to invest in their first home.

MDA is also very satisfied to note the reduction on duty from 35% to 15% on contracts when property rights are ceded (cessjoni).

MDA is convinced that the implementation by government of these measures – requested by it – will be of benefit to all its members.

Moreover, the reduction of income tax on overtime is also considered as a very good incentive for the property and construction sector.

MDA satisfied government adopted its budget recommendations

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