Budget 2021: MDA welcomes incentives boosting economic activity

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The Malta Developers Association (MDA) welcomed the various initiatives announced in the Budget and said it was satisfied that several of its proposals have been taken on board by the government.

The announcements were a step forward so that the property market and other important sectors such as the renewable energy section, all represented by the MDA, continue to contribute towards the sustainable development of the Maltese economy at large while giving a much needed input towards a rapid boost and increased confidence in the current difficult economic scenario.

Particularly, the MDA welcomed the decision to extend the First Time Buyers scheme, which has already proved successful over the past years, and to introduce fine-tuning tools to make property more affordable.

Following the very positive results achieved through the introduction of lower taxes for property buyers and sellers last June, which have resulted in record promises of sale agreements registered in the subsequent months, the MDA also welcomed the extension of these incentives, which should continue to ensure more growth in this crucial sector.

“Sustainability is key towards the development of a modern property industry, and the new initiatives announced towards more investment in modern, efficient, and sustainable machinery and equipment as well as other incentives in favour of the green economy is another step forward in tune with the MDA’s overall vision.”

MDA President Sandro Chetcuti said that the association is satisfied that through these various announcements, the sectors represented by the MDA have the right tools in place to post important economic results to the benefit of all the community at large.

Director General Marthese Portelli acknowledged that the government has listened positively to its suggestions and the industry will be responding with more investment and increased enthusiasm to create more confidence and possibly rapid growth in the economy.

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