Malta Fiscal Measures in favour of the taxpayer - Budget 2003

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December 03 08:46 2015 by The Editor Print This Article



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.