A government scheme offering reduced tax rates on property transfers will be extended, once again, for another nine months.
The scheme was first introduced as a temporary COVID-19 measure for promise-of-sale agreements in June 2020 and subsequently extended.
It provides for a reduced tax and stamp duty rate of 5 per cent and 1.5 per cent respectively on the first €400,000 of a property’s value.
The scheme’s deadline was already extended once, to the end of September.
The government on Friday said it is being extended to the end of June 2023.
The announcement was made days after the Nationalist Party’s finance spokesperson Jerome Caruana Cilia said it should be extended until January.
The government said so far, more than 88,000 people benefitted from the measure, saving €288million between them in tax.
A further 5,600 promises-of-sale are set to benefit from this latest extension.
More information on 153.
Article source: Times of Malta
