Reduced property stamp duty rate extended to commercial properties

Miguela Xuereb

Tista' taqra bil- Malti.

The measure announced on Monday by Prime Minister Robert Abela, whereby a reduction in the property stamp duty rate was announced will now be extended to commercial properties.

Prime Minister Robert Abela announced this on Wednesday morning during a press conference at Transport Malta Offices in Lija. Abela said that following further discussions with the relevant parties and authorities on this particular measure, it was decided that stamp duty tax rate that will go down from 5% to 1.5% for those buying a property will now also incorporate property to be used for commercial purposes.

This reduction concerns properties that do not exceed the price of €400,000 for those who did not buy a property since 2013.

The measure was announced on Monday as part of the €900 million injection to stimulate the economy post-COVID-19.

As part of the same measure individuals selling a property will see a reduction in the tax rate that will go down by 3% from 8% to 5%.

During the press conference on Monday, Prime Minister Abela said that around 10,000 couples will benefit from the reduction in the property stamp duty rate. The government has allocated €32 million for this measure.

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