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 be reduced from 5% to 1.5%.
- 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.
- 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.
