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Reduced Property Tax Rates
NEW REDUCED STAMP DUTY & FINAL WITHHOLDING TAX RATES IN MALTA FOR 2020/2021
On June 8th the Maltese Government announced an ‘Economic Recovery Plan’ as a result of the COVID-19 pandemic that has swept across the world. In addition to the initial announcement, two property-related legal notices were also published on the 15th June that outlined a temporary reduction in the rate of Stamp Duty (for buyers) and Final Withholding Tax (for sellers) on property transfers on the first €400,000 of the price. It stated that Stamp Duty will be reduced from 5% to 1.5% and Final Withholding Tax would be 5% instead of 8%.
These new reduced rates for Maltese citizens will start from 9th June 2020 through to 30th April 2021 with the aim of boosting the Maltese real estate industry which is being affected by the global economic slowdown after the coronavirus outbreak.
For more information about Stamp Duty and Final Withholding Tax in Malta please contact one of our highly experienced team members via the contact details listed below:
Call +356 2131 0800 / 0088 or by Email: email@example.com
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