Budget 2021 Update

Although no major changes to Malta's tax regime have been proposed in the Budget Speech 2021, a number of measures are being implemented which are geared at softening the blow of the pandemic which yet stifles the global economy.

With an overall focus on improving the quality of life, incentivising economic growth, moving towards and ever-greener economy, developing the islands' infrastructure further and constantly improving the level of education, public health services, safety and good governance, the following is a summary of some of the more interesting measures being proposed.

Improvements to several schemes encouraging the buying and selling of immovable property

The amount which is exempt from stamp duty for First Time Buyers is being increased from EUR175,000 to EUR200,000 and a reduced rate of 3.5% is applicable on the first EUR200,000 for individuals who are purchasing a residential property other than their first home.