Stamp duty measures announced in the Budget Speech for 2017

During the budget speech for the year 2017, the Maltese Minister for Finance has last Monday announced a number of measures related to Duty on Documents and Transfers.  These are: Stamp duty on business transfers – During 2017, the rate of stamp duty applicable to the transfer of a business by parents to their children will […]

Written By ACT Team

On October 20, 2016
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During the budget speech for the year 2017, the Maltese Minister for Finance has last Monday announced a number of measures related to Duty on Documents and Transfers. 

These are:

  1. Stamp duty on business transfers – During 2017, the rate of stamp duty applicable to the transfer of a business by parents to their children will be reduced from 5% to 1.5%.
  2. Stamp duty exemption for first time buyers – Individuals buying their first residential property currently benefit from a stamp duty exemption on the first €150,000.  This exemption will be extended to acquisitions made in 2017.
  3. Stamp duty reduction on property acquired in Gozo – Persons who acquire residential property in Gozo by the end of 2018 will benefit from a reduction in stamp duty from 5% to 2% provided the promise of sale agreement is registered with the Inland Revenue Department by the end of 2017.

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].