Caruana Cilia calls for property tax incentives to be extended till January 2023

Jerome Caruana Cilia, the PN’s spokesperson for Finance, called for the tax and duty schemes on property to be extended at least till the end of January 2023.

A temporary COVID-19 measure had been introduced in 2020, providing for a reduced tax and duty rate of 5% and 1.5% respectively, on the first €400,000 of immovable property’s value.

The registration date of the final deed on property transactions eligible for the scheme had been extended from the end of June 2022 to September 2022.

Caruana Cilia said he received a lot of feedback from bank officials, lawyers and notaries, “who have all stated that they need more time to be able to finish the administrative part of the process.”

He stated that this was due to various administrative backlogs, especially from the banks.