News

MDA insists its Budget proposals as agreed before general election

Saturday, September 16th, 2017

The Malta Developers Association presented a substantial document with concrete proposals for Budget 2018, some of which can be implemented immediately.

MDA President Sandro Chetcuti, who headed a delegation of Council members, augured that the Prime Minister and his Government would continue to achieve further progress and success in its endeavours to take the country to the next level. He praised Government’s initiatives that have truly brought the best of times in terms of employment and a booming economy.

Read more »

Both PN leadership contenders request meeting with MDA

Sunday, September 10th, 2017

The two Nationalist Party leadership contenders, Dr Adrian Delia and Dr Chris Said, held separate meetings with the Malta Developers Association Council. The meetings, held at the request of the two candidates, turned out to be two long, fruitful discussions.

Both Dr Delia and Dr Said acknowledged the good work of the MDA and its highly valid contribution to the country.

Read more »

older news

Budget 2018 proposals

  1. An MDA/Government action team will be set up in order to address Social Housing, which is in dire need of an urgent reform mainly:
    1. Rental Law changes in order to assure peace of mind to landlords and also addressing injustices.
    2. Incentives and new ideas to property owners who have properties in Urban Conservation Areas (currently idle/abandoned) to make use of such idle, abandoned or dilapidated properties.
    3. Introduction of Social Housing Planning Gain in medium/large sized residential projects. Government and MDA will set up a working group to find win-win situations.
  2. Temporary increase of agency permits for Third Country employees from 15 per month to 100 per month.
  3. MDA suggests that interest on succession tax will start accruing after 2 years instead of the current 6 months. This is an opportunity for inheritors to have enough time to settle and conclude sales deals while temporarily reducing supply. This measure is just with the inheritors and also beneficial for the property market.
  4. Extend the exemption further for first time buyers and increasing the capital investment capping from €150,000 to €180,000 to reflect current market value. Having previously bought another property which is not a residence (garage, greenfield, tomb, etc.) will no longer disqualify one from entering such a scheme.
  5. Second time buyer scheme: Anyone selling their ordinary residence to acquire a new one will benefit from an exemption in stamp duty equivalent to the original purchase price of the property being sold. This will be capped at a maximum of €350,000.
  6. Complete liberalisation of the property market for EU citizens – this entails the removal of the AIP permit requirement and any other restrictions.
  7. Introduction of Final Withholding Tax of 10% on profits when there are promise of sale agreement cessions.
  8. Aggressive tax credits to modernise construction equipment and machinery, especially those contributing to minimising negative environmental impacts.
  9. Tax credits to be set off against Final Withholding Tax. Current situation is discriminatory.
  10. Final Withholding Tax on sales to be reduced by 2% on attaining a level above the minimum Energy Efficiency requirements as shown on the Energy Performance Certificate. Staggered obligatory introduction of EPC level disclosure in advertising as from 2018.
  11. Renewable energy sector – urgent action required to set up:

a)      A one-stop shop incorporating Enemalta, Lands Authority, REWS, Planning Authority and any other entities, similar to recently introduced tables and chairs mechanism.

b)      All entities concerned will commit (against penalties and automatic approval upon no reply), that all paperwork and permits are issued within 3 months of application submission.

c)      Non-Maltese companies operating in this sector benefit from a reduced tax rate equivalent to 5%. This is creating unfair competition and a 10-year tax relief is being sought to anyone in this sector based in Malta. This will send a clear message that Malta means business when it comes to achieving clean energy targets.

Sponsors

Platinum Sponsor

Motors Inc Iveco

Gold Sponsors