Extending the Tax Exemption Scheme for First Time Buyers
The Maltese government has recently announced that the Tax Exemption Scheme which was previously introduced to benefit first time buyers will once again be extended till the 30th of November 2015. This scheme was already extended last May by an additional three month period which ran from the 30th of June 2015 till the 30th of September 2015.
Primarily the scheme exempts those buying their first residential property from the 3.5% duty on the first €150,000 of the property value. Due to the scheme’s success, the Ministry of Finance recently announced that first time buyers may benefit from this extension by submitting their contracts with the Capital Transfer Duty branch within the Inland Revenue Department by the 30th of November 2015.
In essence, the Ministry of Finance introduced this scheme in order to support first time buyers, especially those individuals who are still young and new to the property market.
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