The developers lobby expressed its satisfaction with Budget 2022 saying that the document presented by Finance Minister Clyde Caruana is a budget with social measures aimed at the people.
The MDA said that it was pleased to note that this year’s budget was a social one, where no taxes were increased and the incentives that were in place were renewed. Similarly to other organisations who reacted to the budget, the MDA took credit for a number of initiatives implemented in this year’s financial excercise
The MDA said that it had been stressing for years that incentives should be provided for the investor to look at existing and abandoned properties and give them new life by restoring them with respect to Maltese tradition and culture. Therefore the incentive of tax relief on the sale and purchase of vacant or UCA or traditional style property along with grants for those who do so when buying their first home has also been very well received. This should lead to the beautification of our localities and give an incentive to those who want to invest in the building itself and not just to those who want to invest in land.
The MDA, although welcoming the government’s incentives and proposals also in the field of renewable energy as well as to renew the green economy, regrets to note that its proposals to incentivize sales and the purchase of properties with the highest environmental standards and the gradual shift to carbon neutrality have not found their place in this year’s budget. The MDA is of the opinion that these proposals would help Malta meet its environmental targets in a timely manner and therefore urges the government to seriously consider whether to adopt them anyway by introducing new measures on them during the year.
The MDA’s proposals were ultimately proposed to reduce taxes for buyers and not for developers with the intention of moving the market towards one where high environmental standards would be demanded by consumers.