Monday 11 October 2021, 20:43
Last updated: about 2 hours ago
The government has announced tax breaks when purchasing certain types of properties.
Stamp duty and capital gains tax will be waived on the first € 750,000 on the sale and purchase of any of the following types of property: Those built over 20 years ago and which have been vacant for seven years; for properties within UCA; for new properties built in the typical and traditional Maltese style and architecture.
Apart from this, first-time buyers of these properties will receive a subsidy of € 15,000. First-time Gozitan couples who purchase such properties in Gozo will receive a grant of € 30,000. These measures will come into force the day after the budget for a period of three years.
From October 12, 2021, people who renovate these properties will benefit from an aid on the value of the VAT paid up to a maximum of € 54,000 for the first € 300,000 spent on restoration and finishing expenses. Certain regulations will have to be observed, in particular that the houses cannot be divided.
The government will also extend, for another year, the reduction in the stamp duty for first-time buyers, first-time buyers and the purchase of real estate in Gozo, while existing measures to mitigate the impact of the pandemic in this sector will end in June 2022.
The government has also made several announcements regarding the Building and Construction Authority (BCA).
Next year, a bill will be tabled concerning what is called the “document F” which an architect uses to prepare the plans of the building envelope, on the basis of which the engineer would prepare the plan of the services. of the building. Once the bill is approved, buildings will waste less energy.
The government is committed to introducing the first Building Code in 2022, in terms of demolition, excavation and construction work. It will include the rights of third parties. In order to ensure that the Code will work as intended, the BCA will propose legislation whereby we have construction project managers in the workplace who can ensure that what is stipulated will be implemented in the most professional manner. .
The Planning Authority (PA) will put in place an aesthetic policy as well as other measures to encourage a comprehensive and uniform development which respects the urban environment. Apart from this, the Palestinian Authority has requested EU funds to launch a built heritage restoration program, through which new life can be breathed into historic buildings.