During a press conference addressed by Finance Minister Clyde Caruana and Justice Minister Jonathan Attard, two more proposals from the Labour Party electoral manifesto ‘Int Malta’ were announced.
Minister Jonathan Attard revealed a proposal aimed at reducing stamp duty tax for family businesses. He said family-run businesses, described as “the backbone of the Maltese economy,” would receive greater support to help transfer businesses from one generation to another.
Attard stated: “To facilitate the transfer of businesses, we will permanently reduce stamp duty tax from 5% to 1.5% on donations of businesses between family members.” He also explained that when the transfer process takes longer or is interrupted due to the death of a parent, “the donation will begin to be registered from the date the transfer process started.”
Meanwhile, Finance Minister Clyde Caruana criticised the Nationalist Party’s proposal on personal tax reform. Referring to the PN’s figures, he said: “When you multiply 300,000 people by €1,200, the calculator tells you the final number is €360 million.”
Caruana added that the Labour Party is presenting “credible and concrete proposals” focused on social justice.
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