Budget 2022 – VAT refunds on qualifying properties

Minister Clyde Caruana has on the 11th October 2021 presented the Government’s budget for the year 2022. With effect from 12 October 2021, persons who will own or who already own qualifying properties, may benefit from a VAT Refund of up to €54,000 on the first €300,000 worth of expenses incurred on the restoration and improvement of […]

Written By Stephen Balzan

On October 13, 2021
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Minister Clyde Caruana has on the 11th October 2021 presented the Government’s budget for the year 2022.

With effect from 12 October 2021, persons who will own or who already own qualifying properties, may benefit from a VAT Refund of up to €54,000 on the first €300,000 worth of expenses incurred on the restoration and improvement of such properties.  This measure also applies to qualifying properties in respect of which a promise of sale has already been entered into provided that the final contract has not yet been signed.

Qualifying properties are a) properties which were built more than 20 years ago and which have been vacant for more than 7 years b) properties which are built in an UCA; and c) new properties and which are built in a typical and traditional Maltese style and architecture.

How can we help?  

For further information, please contact one of the firm’s tax partners, Stephen Balzan on [email protected] or Elaine Camilleri [email protected]. ACT can help you understand the changes to the tax rules and how these can impact your business.  

Apart from its offices in St. Julian’s Malta, ACT operates from a second office in Gozo, which is situated in the capital city of Victoria.  For an appointment in our Gozo office, please call on 00356 21378672 or send us an email on [email protected].