The government is to grant tax credits of up to €250,000 as seed capital to encourage new investment, Finance Minister Edward Scicluna said in the Budget speech tonight.

Work is also in an advanced stage on the setting up of a Development Bank to ease access to finance for investors.

The minister said there will also be a reduction in taxes on the transfer of business between family members. The law would better define what constituted a family business.

Details would be announced in the coming months.

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