Developers welcome ‘positive’ Budget

The Malta Developers Association described the 2016 Budget as “very positive” and said it will continue to strengthen the property market.

“The Budget shows that the government is looking at Malta’s economic future in a manner that is outside the limits that governments normally work, that is, outside the box,” the developers said.

The influential lobby also expressed its satisfaction that government accepted a number of its suggestions, including the proposals for fiscal measures to help foster the regeneration of our Urban Conservation Areas, and the introduction of a final withholding tax on income from commercial leases.

The MDA also welcomed the exemption on the payment of stamp duty on the purchase of property by first time buyers which the MDA had requested in previous years, is going to be extended for another year.