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Maltese businesses which relocate their operations to Gozo will be exempt from paying tax for three years, Prime Minister Joseph Muscat promised today.

Speaking during a news conference in Gozo ahead of the June 3 general election, Dr Muscat said such businesses will have all their taxes refunded by the government. 

"This is practically a three-year tax holiday for Maltese businesses... It is also probably the biggest incentive ever offered to help business growth in Gozo."

Among other proposals, Dr Muscat also pledged tax credits of up to €5,000 to the parents of Gozitan students studying at the University of Malta to cover rent expenses.

The Prime Minister said the fast ferry service between Valletta and Mġarr, Gozo will be launched in months after the adjudication of the 12 tenders.

A new old people's home that would house 500 residents, will also be built, in addition to the one already being constructed in Għajnsielem.