Incentives on property restoration

The Minister of Finance has in his Budget Speech for the year 2024 announced that:

Written By Stephen Balzan

On November 6, 2023
"

Read more

The Minister of Finance has in his Budget Speech for the year 2024 announced that:

  • Incentives for persons buying or selling property which is more than 20 years old and has been vacant for more than 7 years or where the property is located in a UCA will continue to apply. 
  • Such persons will also benefit from an exemption from the payment of income tax on capital gains and stamp duty on the first €750,000. 
  • They will also benefit from a vat refund of a maximum of €54,000 on restoration and renovation expenses. 
  • First time buyers will receive a grant of €15,000 if the property is in Malta and €40,000 if the property is in Gozo.

How can we help?  

 

For further information, please contact us on [email protected]. ACT can help you understand the changes to the income tax, accounting, corporate and VAT 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].