malta budget report 2002 malta budget 2003 malta budget 2002

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Duty on Documents and Transfers

Dwelling houses

Aim: To lessen the burden on those who wish to buy their own residence,

Measure: Increase the value that would be subject to 3.5% duty from the current Lm20,000 to Lm30,000.

The present 3.5% rate of duty on the first Lm20,000 thousand of the purchase consideration on dwelling houses shall be extended to Lm30,000.

This shall result in a saving of Lm150 on any such transfer.

Property transferred
between family members

Currently: The property value subject to duty is the current market price for that property

Measure: The property value will be net of profit for the same property on the market. Therefore, value for purpose of Duty on Documents Act:

• value of property net of market profit element.

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