These are PN's promises on taxes linked to inherited property
'Generated money within the Maltese economy will be passed directly to the people'
On Wednesday, Alex Borg promised that a PN government would remove the tax or stamp duty on every transfer that takes place in the case of inheritance.
The proposed measures are aimed at supporting families by helping them combat the scourge of the rising cost of living and assisting young people with affordable housing.
"The money that we will generate within the Maltese economy will be passed directly to the people. But we will also be eliminating injustices," the party said in a statement.
The party's proposals:
1. Remove stamp duty on inherited property: fully remove, without any value limit, the payment of stamp duty on every transfer of immovable property that passes by way of inheritance.
2. Remove succession tax on inherited family businesses: fully remove the tax and stamp duty on the transfer of family businesses that pass by way of inheritance, whether the transfer involves shares in companies or immovable property used for commercial purposes.
3. Remove tax on the donation of immovable property: fully remove the tax and stamp duty on the transfer of immovable property that passes from parents to their children or grandchildren by way of donation. This exemption will apply to every type of immovable property.