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.

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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.

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older news

Minister promises sustainable revival of the property market

Economic Development Minister Chris Cardona promised measures for a sustainable revival of the real estate sector when he met the Malta Developers’ Association this morning.

He said the government was committed to the Labour election promises. These included the extension of the period during which sellers would have the option of choosing whether to pay capital gains tax or the 12% sales tax. The PL had also promised to reduce stamp duty on purchases by first-time buyers and the removal of the 5% tax on the transfer of the first residential property acquired by inheritance or donation from the parents.

The government is also planning an optional 15% flat tax rate on income from the hire of residential properties.

Dr Cardona said the system where government architects are sent to make valuations after a property is sold will be discontinued, ending the situation where people face high bills months after properties change hands.

Improvements are also being planned for the permanent residents’ scheme.

Association president Michael Falzon welcomed the plans, noting that many of the proposals had been made by the association itself.

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