Following the last Budget Speech and the parliamentary debates on
Bill No. 72, the Budget Measures
Implementation Act, 2024 ('the Act') was issued on
2nd April 2024. The Act contains amendments to a number
of laws, including the Income Tax Act, the Income Tax Management
Act, the Duty on Documents and Transfers Act and the Value Added
Tax Act.
We highlight hereunder the salient changes to these fiscal
laws.
Amendments to the Income Tax Act (ITA)
Extension of tax exemption/reduction on transfers of
property previously leased through certain Housing Authority
Schemes
The income tax exemption (or reduction where applicable) on the
first €200,000 of the transfer value of immovable property
which has previously been leased for at least ten years through the
Private Rent Housing Scheme administered by the Housing Authority,
has been extended to cover two additional schemes, being the
Nikru Biex Nassistu Scheme and the Rehabilitation of
Vacant Dwellings for Rent
