PropertyMalta Foundation holds national conference

Sunday, December 3rd, 2017

Malta Developers Association (MDA) President Sandro Chetcuti, in his capacity as Chairman of the PropertyMalta Foundation, appealed to those attended the National Conference – Analysis of the Property and Construction Industry, last Thursday to come forward with ideas on how to improve the Malta property product.

“We can learn by combining our knowhow and work more professionally,” he said. Apart from taking part in its first international property fair in Cannes, France, last month, the PropertyMalta Foundation intends to launch an on-line campaign to reach different audiences. Read more »

National Conference : Analysis of the Property & Construction Industry

Tuesday, November 14th, 2017

National Conference : Analysis of the Property & Construction Industry

Thursday 30th November 2017
Grand Hotel Excelsior, Valletta
Registration at 8.15am.
Lunch will be served at the end of the conference at 12.30pm.

The recent KPMG Property & Construction Industry Study commissioned by the Malta Developers Association will be published and discussed during the conference. A copy of the document will be given to all participants.

Hon. Ian Borg, Hon. Chris Agius and Hon. Edward Scicluna will also be addressing the conference.

Conference fee : Eur70
(includes coffee breaks & lunch)

The conference will be addressed in Maltese.



older news

Final withholding tax increasing property prices artificially – MDA

The 12 per cent final withholding tax on property is increasing prices artificially., the Malta Developers Association said this morning.

In a statement, it expressed concern at the way the property market is being taxed by the government, in particular the imposition of the final withholding tax on the market value of the property that is being sold.

It appealed to the Finance Minister to take the steps that would lead to the resolution of the problem as quickly as possible.

“It appears that government is refusing to recognise that the property market is not what it was and it continues to insist that market values have remained the same as they were a few years back, when in reality the situation has changed totally.

“When this market is in difficulty, it is in the interest of the national economy that there will be no obstacles to the process of what should be a free market – that is, a market that leads to the rising and falling of prices according to circumstances,” the MDA said.

It said that, with the current system, there were too many instances when the final withholding tax on what the government believed to be the market value was so high that it exceeded the capital gain that was supposed to be taxed.

“This discourages the possibility that prices will go down and is putting those who are under pressure to sell their property at low prices because of bank loans and other factors in an impossible situation.”

The association acknowledged that developers had to face the consequences of the risks they took and not expect the government to help them or subsidise them in any way.

However, the tax imposed should be just and not one that led to an artificial increase in property prices when the circumstances indicated otherwise.

The association therefore appeals to the Finance Minister to take the steps that will lead to the resolution of the problem as quickly as possible.


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