The date by which property contracts need to be finalised to benefit from preferential rates of taxation has been extended again, with the new deadline set in June 2023.
The announcement was made by Minister for Finance and Employment Clyde Caruana.
This measure, which was part of the Economic Regeneration plan formulated during the height of the COVID-19 pandemic, saw a reduction in stamp duty from five per cent to 1.5 per cent on the first €400,000 of the property’s value for buyers, and reduction in tax from eight to five per cent for sellers.
Over 88,000 people have benefitted from this scheme so far, according to the Ministry, saving them some €288 million in taxes.
The scheme’s deadline for those benefitting from it to finalise the transaction was previously extended from the end of June to the end of August.
The Ministry made it clear that this will be the final extension of the scheme, with June 2023 serving as a hard deadline.
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