19.04.2012 - Malta: Property developers on warpath over 12pct tax, government valuations
The president of the Malta Developers Association has claimed government-appointed architects are being "guided" by the Inland Revenue Department on the 'discerned' market value of properties, resulting in higher tax claims on purchased property. Michael Falzon, a former Nationalist minister, has suggested that buyers and vendors who find bargain properties in the current dampened market are being taxed on the difference between the bargain price and the discerned market price...............................................Full Article: Source
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