The introduction of a final withholding tax on rental income and the revision of the system adopted to establish the market value of property have been welcomed by the Federation of Estate Agents.

As from next year the valuation of property for tax purposes will no longer be carried out by a government-appointed architect.

In its reaction, the federation also hailed the decision to exempt first-time buyers from paying any stamp duty in 2014.

It lauded the plans for the setting up of an official structure aimed at coordinating the marketing of property and lifestyle in Malta to foreigners.

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