The Maltese government has announced that the tax exemption scheme on stamp duty for first time buyers will once again be extended. The extension will run until the 30th of November 2015. Last May, the scheme was extended for the first time for a period of three months between the 30th of June and the 30th of September.
The scheme is targeted towards young people and those who are new to the property market. Beneath this scheme, those buying their first residential property will be exempt from the 3.5% duty on the first €150,000 of the property's value. The scheme proved so successful that the Ministry of Finance announced another extension.
First time buyers may benefit by submitting their contracts with the Capital Transfer Duty Branch within the Inland Revenue Department by the 30th November 2015.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
