Removal of inheritance tax to be extended to all property
Simon Busuttil says ‘socialist-era’ inheritance tax to be removed across the board.
1 February 2013, 12:00am
Jurgen Balzan
Jurgen Balzan
2 min read
Simon Busuttil (standing) was accompanied by (from left) David Agius, Marthese Portelli and Caroline Galea.
Nationalist deputy leader Simon Busuttil has reiterated three main policy planks the PN unveiled in the last budget and in the past week, in a bid to cultivate a savings culture and leave more money in people's pockets.
The first was the complete removal of what Busuttil dubbed the "old socialist-era" tax on inherited and transferred property, adding that the removal of duty would be extended to second homes and commercial establishments over the next few years if the PN was re-elected to power.
Busuttil did not mention any timeframe for the removal of inheritance tax for secondary residences and commercial outlets.
"The tax would be removed completely on all properties, whatever it is. We do not penalise the persons passing on or recieving property but we will reward everybody's hard work," Busuttil said.
He also reiterated Lawrence Gonzi's proposal this week to invest €1,000 in a children's pension fund for all newborns from 2013 onwards.
"We are still working out whether we should allow this money to be withdrawn upon the children reaching maturity or when they are of pensionable age. We are inclined to have people the right to withdraw this money upon becoming adults."
The PN deputy leader noted that the account would be in the child's name and parents would be encouraged to contribute to the fund. Busuttil said that the government would hold discussions with financial institutions to identify the best way such funds could be invested.
The third proposal Busuttil mentioned was the extension of sick leave to cover parents whose children fall ill, and must avail themselves of time off from work to tend to their children.
"The PN is pro-business," Busuttil stressed, adding that the government would consult with employer organisations to guarantee that the measure is not abused but increases the employees' loyalty to their job.
Busuttil explained that the PN proposals would only be implemented without a solid foundation. "The solid foundations lay in the safe and secure finances which the PN has secured and will continue to secure."
This would be achieved through the set up an independent fiscal council, an economic and financial Parliamentary committee, and an expenditure review and by generating more wealth, Busuttil said.
Jurgen Balzan was a MaltaToday reported from 2011 to 2017.
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why not go a step further then and refund all that was paid in the past to right all the wrong doings of the old socialists eras.
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I for one definitely don't believe the guy,alex. If he ever wishes me a good morning I will check my watch and not just trust my senses. It would have to be the middle of the night!
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The question begs. Why now and not before? Quiet an injustice to the millions of euro already paid by thousands of inheritors? Put forward elections every year for they are very convenient events for the poor taxpayer!
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everyone - whether PN or PL - are promising the world.............I wonder where all the money is going to come from. I am not worried about the young as I am worried about the older people who as they age their freedom starts waning as they are much less alert and have health issues to deal with.
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Funny how whilst the PN has been trumpeting what it proclaims itself to have achievemed notwithstanding the sorry state of European Economy - which in my opinion has been simply delaying tactics to ward off the greater fall awaiting us - now the PN seems to have discovered that it can do away with such wealth taxes on immovable property (with no mention of property held through corporate entities).
Likewise the PL seems eager to point out the unsustainable Public Debt, but Joe Muscat is still irresponsible enough to stay dishing out promises that will increase the burden on taxpayers.
Whether it will be Gonzi or Muscat in Castille come March, somehow we're all going to fall back and face reality.
The PNPl have lost all credibility, and I just hope AD get to parliament (notwithstanding the hurdle of an undemocratic Electoral Law devised by the same PNPL) - so as there will be a voice of objectivity and responsibility, that may bring the PNPL motley crew to their senses!
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I promise that if you elect me, I will visit your abode, personally and with your choice of blue blooded friends, every Saturday for a whole year; and prepare a free and full BBQ feast for you, your family and all your friends.
There is only a very small proviso. As long as you allow me to keep my dirty snout in the free flowing gravy train that I manage on your behalf, and all coming from your hard earned labour. (Ha Ha Ha! I wonder if this time they will fall for it again!)
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So now we all know what to do with the electoral manifesto when it gets home with all the other junk!
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ħawwadni ħa nifhem... Now to gain votes they changed the tune about the inheritence tax. Do you beleive them? As if we were ruled for 25 years under a Socialist government! Oh maybe now the PN are admitting that durint these last years we were governed by the Bolshevics. Totalitarians. So Franco Debono was right.
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So we need to take the PN electoral manifesto with a pinch of salt as it gives two versions of what is supposed to happen.
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Dr Busuttil .Knowing others is wisdom.
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Dan il-BRAVU li gie mill-kesha ta' Brussels sar ipalla fil-vojt aktar mill-Boss tieghu. Ara veru l-PN jinsab fi stat pjetuz. Warrbu min nofs ghax dejjaqtu u xebbajtu lil kulhadd.
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Of course everyone has noticed that S.B. the other way round is B.S. Long may it be proffered!
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These GonziPNisti are getting more socialist than Mintoff ever was. Pre foetus to post death plus any time in-between. You would think that this dirt poor little island struck oil, or discovered gold and platinum in our salty soil.
Why don't you leave taxpayers monies with the taxpayers. You have proven yourselves such bad financial managers. All you do is sprinkle gold dust in the lower middle and working classes eyes to attract enough votes to keep lapping up the free flowing gravy.
These poor blinkered voters would wake up one day and do a Bastille on you.
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Mr Busuttil I hate to burst your political bubble again but before you promise the sun and the moon to every newly born child, why don't you take amoment to correct a wrong and help me and thousands of other property owners to be able to get our requisitioned (confiscated) property back. This poroperty was taken away from us by the government in the seventies to accommodate some of their elite constituents and I think the government must give it back. it is the right thing to do. So please before you and your party promise the sunand the moon to newly born children, correct this injustice done to us by the government and help us get these properties back, until then I consider this government responsible for the injustice. THE GOVERNMENT TAKETH AWAY AND THE GOVERMENT MUST GIVE IT BACK.
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Mr Busuttil I hate to burst your political bubble again but before you promise the sun and the moon to every newly born child, why don't you take amoment to correct a wrong and help me and thousands of other property owners to be able to get our requisitioned (confiscated) property back. This poroperty was taken away from us by the government in the seventies to accommodate some of their elite constituents and I think the government must give it back. it is the right thing to do. So please before you and your party promise the sunand the moon to newly born children, correct this injustice done to us by the government and help us get these properties back, until then I consider this government responsible for the injustice. THE GOVERNMENT TAKETH AWAY AND THE GOVERMENT MUST GIVE IT BACK.
Igor P. Shuvalov •
Promises galore! What are we to promise next :flying pigs?
