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Malta Fiscal Measures in favour of the taxpayer - Budget 2003
Malta Fiscal Measures in favour of the taxpayer - Budget 2003
December 03
08:46
2015
by The Editor
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2003
Duty on Documents and Transfers
Dwelling houses
Aim:
To lessen the burden on those who wish to buy their own residence,
Measure:
Increase the value that would be subject to 3.5% duty from the current Lm20,000 to Lm30,000.
The present 3.5% rate of duty on the first Lm20,000 thousand of the purchase consideration on dwelling houses shall be extended to Lm30,000.
This shall result in a saving of Lm150 on any such transfer.
Property transferred between family members
Currently:
The property value subject to duty is the current market price for that property
Measure:
The property value will be net of profit for the same property on the market. Therefore, value for purpose of Duty on Documents Act:
value of property net of market profit element.
Back to Budget 2003 Index