Marsamxett harbour earmarked for breakwater project

Government will launch the Malta Development Bank which will have authorised capital of €200 million, out of which €30 million will be paid-up capital. 

An export credit agency will be set up, and a joint enforcement task force will be set up to combat tax evasion. 

Government has earmarked the breakwater project in Marsamxett Harbour as it plans to link up the development bank with the European Fund for Strategic Investment (EFSI). 

The proceeds from the sale of Maltese citizenship will go into the national Economic and Social Development Fund with national projects as well as pilot projects by local councils among its priorities.

A €250,000 tax credit will be granted to investors in SMEs or funds registered on the Malta Stock Exchange’s Alternative Trading Platform.

Third pillar pension

Companies which offer voluntary private pension schemes to their employees will benefit from tax credits. 

Property Malta

Government is teaming up with the Malta Developers Association to set up ‘Property Malta,’ an agency aimed at attracting high quality investors to buy holiday homes and move to Malta.

New opening hours for shops 

Planning fees for projects in industrial zones will be reduced and shops will no longer need a trading license to start operating. 

Trade licences will be abolished for most commercial activities and up to 30,000 businesses will save between €70 and €1,000 a year. 

The law regulating shop opening hours will be revamped, with government pledging to strike a balance between the public’s commercial interests and the personal interests of shop employees.

International school in Mtarfa

Projects Malta will seek to address parking problems in Mosta, Wied il-Ghajn, Birkirkara, St Andrews and Birgu. 

The agency will also consider issuing a public call for the conversion of the former British naval hospital in Mtarfa into an independent school for international students, with courses leading to Bachelors degrees. A yacht marina will be built in Gzira, and possibly another one in Marsaskala.

Restaurants can benefit from €50,000 in tax credits while hotels can save up to €200,000 if they carry out renovation works. 

Strategic partnership for Air Malta

Reiterating that it will only sign a deal which is beneficiary for the country, government said that the future of Air Malta lies in a strategic partnership. 

With talks to sell off 49% of the national airline to Alitalia on the brink of collapse, government said it would keep its options open but insisted that the solution for the ailing Air Malta would be that of teaming up with a larger airline.