Malta Tax Agency Issues Guidelines on Income Tax, Stamp Duty Exemptions for Specific Property Transfers

The Maltese Commissioner for Revenue Nov. 26 issued guidelines on the income tax and stamp duty exemptions on specific property transfers, as announced under the 2022 budget. The guidelines cover income tax and stamp duty exemptions on the first 750,000 euros (US$846,909) of specific property transfers, with any excess amount of transfer value being taxable at normal rates. The exemptions are available under three scenarios, including the transfer of: 1) buildings constructed at least 20 years before the transfer and which have been vacant for at least seven years; 2) property situated within an urban conservation area; and 3) property ...