Issue link: https://maltatoday.uberflip.com/i/1300699
JAMES DEBONO BUDGET renews and extends schemes assisting first time buyers and announces new regularisation scheme in cases where the sale of property is hampered by dis- crepancies between plans in contract and actual buildings. In a measure which is expected to kick- start the property market while helping those buying their first home, the exemp- tion from paying any stamp duty on the first €175,000 they spend has now been extended to cover the first €200,000. A decreased 3.5% tax rate will also be ap- plicable on the first €200,000 for all those who buy a house to live in. Moreover, previous exemption for sec- ond time buyers, those buying properties in Urban Conservation Areas and Gozo and refunds for conservation works have been renewed. The reduction of the tax rate from 8% to 5% for those who sell their property which had been introduced during the COVID-19 emergency, has been retained together with the reduction of stamp du- ty paid on the first €400,000 in the value of a property from a rate of 5% to 1.5%. This will apply to all promise of sale con- tracts signed till March 2021 and which are translated in to contracts by the end of 2021. The budget has also further increased exemptions for those inheriting property. The amount which is tax amount has been increased from €200,000 to €250,000. The equity-sharing scheme which applies for persons over the age of 40, who intend to buy their residence by purchasing at least fifty per cent of the property whilst the rest will have to be purchased by them at later stage has also been extended. While the budget increases incentives for property buyers, it includes no new measures aimed at assisting people who rent their home except to renew previous benefits. Regularisation scheme promised The budget promises a regularization scheme to address the problem faced by a "substantial amount of families" who bought their homes from third parties but are unable to sell it because of dis- crepancies found between the plans attached in the contract and the actual building in which they lived. As regards social housing the budget reiterates the commitment to develop 500 apartments through the use of funds from the European Investment Bank and the development of another 700 apartments funded from the National Social and Development Fund, financed from contributions made through the Individual Investor Programme (IIP). Authority to regulate construction The budget also reiterates the gov- ernment's commitment to set up an authority to regulate construction and building, which came as a response to a series of construction incidents, which culminated in the death of Miriam Pace in March. The aim of this authority is to decrease the risk of such incidents and to increase professionalism in the sector, apart from setting up a compen- sation fund for victims of construction incidents. The budget also refers to public pri- vate partnerships aimed at the rehabil- itation of abandoned and dilapidated buildings, in a way, which contributes to the economic development of the country. PROPERTY Budget extends tax exemption for first time buyers 12 maltatoday | TUESDAY • 20 OCTOBER 2020 BUDGET2021 CHEFs (Asian) - The Edge Take Away Ltd are seeking CHEFS, for immediate full-time employment in their Qormi outlet. The ideal candidates must have a minimum of one year experience specifically in the preparation of Turkish and other Asian dishes. Duties include identifying products of suitable standard for the restaurant's kitchen, food preparation, actual cooking and serving of dishes. Salary offered to the right applicants 1,000 Euro per month. Interested candidates are to send their cv to bartolostephen@hotmail.com by not later than Friday 23rd October 2020 specifying 'Chef (Asian)'.