GRTU calls for Budget boost to infrastructural, property projects

The GRTU has again called on the government to give incentives to the construction and property development sector in the forthcoming Budget, arguing that that would result in an immediate boost to the economy.

"It is essential that the government gives priority to this economic sector as many other economic sectors and the economy in general depend on its revival. The government must push infrastructural projects that modernise the country. The port projects, schemes to support first-time buyers, new roads projects, an extended factory buildings project, greater funding for Malta Enterprise, investment in alternative energies and in education, greater investment support to create more places of work and an extension of tourism in the localities," the GRTU said.

"Economic recovery must be supported by policies which aim to bring back confidence to all economic actors and to stabilise economic demand, without further endangering fiscal stability in the long run. The strengthening of the SME sector is key in the economic recovery."

In other proposals, the GRTU is calling for the withholding tax on properties that qualify to high energy saving criteria as set by Malta Resources Authority to benefit from a reduced 5% final withholding tax.

It called on the government to link up with the private sector for investment in the renewal of old urban centres and in the creation of new comprehensive development projects that would cause first home buyers to return to the village and town cores.

It also proposed a lower withholding tax on property developed by private investors for parking complexes that service the community.