PL will introduce 15% final withholding tax
Labour have announced that they will introduce a final withholding tax of 15% for the property rental market, which will replace the current maximum rate of 35% income tax.
PL leader Joseph Muscat said this would help encourage people to rent property. He also proposed that the government revise the permanent residence scheme which he claimed is not reaching its aims, adding that this would inject capital into the economy
Dr Muscat mentioned yesterday’s proposals regarding the cutting down of bureaucracy and that a PL government will help root out outdated laws and replace them with newer ones.
He concluded by announcing that he will reveal a number of MEPA reform plans in the coming weeks.