Exemption from duty to first time buyers extended by another year

By means of Legal Notice 460 of 2021, the Government of Malta has extended the date by virtue of which an exemption from duty is applicable to first-time buyers of residential immovable property on the first Eur200,000 of the value of the said property.  The remaining value is subject to a duty of 3.5%. The […]

Written By Stephen Balzan

On February 13, 2022
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By means of Legal Notice 460 of 2021, the Government of Malta has extended the date by virtue of which an exemption from duty is applicable to first-time buyers of residential immovable property on the first Eur200,000 of the value of the said property.  The remaining value is subject to a duty of 3.5%.

The applicability of the exemption has been extended by another year i.e. to acquisitions of immovable property effected up to the 31st December 2022, provided that the notice of transfer has been submitted to the Commissioner for Revenue on or before the 28th February 2023 (previously 28th February 2022).

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 +356 21378672 or send us an email on [email protected].