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9 EDITORIAL BusinessToday is published every Thursday. The newspaper is a MediaToday publication and is distributed to all leading stationers, business and financial institutions and banks. MANAGING EDITOR: SAVIOUR BALZAN EDITOR: PAUL COCKS BusinessToday, MediaToday, Vjal ir-Rihan, San Gwann SGN9016, Malta Newsroom email: bt@mediatoday.com.mt Advertising: afarrugia@mediatoday.com.mt Telephone: 00356 21 382741 14.9.2023 A t a glance, the Y-plates saga may appear to be a one-off event that merits media attention and direct political action. But a deeper and closer look at the scandal reveals a culture of greed and impunity. Ingrained in Maltese society beyond the territories of the political parties. In this scandal we have different participants who have con- verged to take advantage of a system that is full of loopholes and deficiencies. To start with, the individuals who own the companies that have registered Y-plates lack the right credentials to run such companies. Not because they may be foreigner but also be- cause they have resident status that does not allow them to get involved in this kind of activity. Secondly the prerequisite to have Y-plate cars is linked to proof that the cars will be garaged. Many of those who own companies and have purchased hundreds of Y-plate cars have convinced architects to sign declarations that the cars will be stored on land which carries no building permit, is in an ODZ zone which is in fact an agricultural zone. Surely the architects who have signed this declaration need to explain themselves. at is why have they fraudulently acted in this way. Coupled with this, major car importers are delighted to have catered for the unusual demand in cars. Ensuring that the companies that have Y-plates are given preference over regular clients when it comes to buying cars which has resulted in the current long wait when ordering cars. Added to this is the 'importation' of foreign drivers – with dubious driving licences and working conditions – which leaves much to be desired. Complemented by the unfair playingfield for those players who are bona fide tax payers, compli- ant with the law and primarily local-based companies. is is matched, needless to say, by bad working conditions for the foreign workers and the evident evasion of tax. e government was right to come down harsh on these in- correct business practices sand the inequalities that came with them. It was correct in taking action and withstanding the pressure of the big car importers and the big and tax avoiding Y-plate owners. Trimming them down to size will work wonders for the cur- rent and competitive taxi and cabs service industry. It will also calibrate the market, take some heat off the inflated cab market and to a lesser extent reduce the number of cars on the road. Government needs to send a strong message to those who abused the system. Yes, it is time to be tough and make it clear that business is not about shafting the system and finding ways round it. It is about a level playing field, being creative, sustainable and - more importantly - having a long term vision. The Y-plate saga In August 2023, the number of final deeds of sale relating to residential property amounted to 949, a 24.6 per cent decrease when compared to those registered a year earlier. The value of these deeds totalled €263.4 million, representing a decrease of 9.4 per cent when compared to the corresponding value recorded in August 2022. In the month under review, 869 (or 91.6 per cent) of these final deeds of sale involved individual buyers (households), with companies accounting for virtually all the rest. The value of the deeds involving individual buyers (households) amounted to €210.9 million, equivalent to 80.1 per cent of the total value). final deeds of sale DID U KNOW?

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