New scheme to encourage use of old buildings

The government is to announce a scheme, including tax incentives, aimed at encouraging people to put unused building to use, Tourism and Environment Minister Mario de Marco said today.

Speaking on TVAM, Dr de Marco said one of the major reasons why buildings remained unused was the fact that they were inherited by a number of people and no decision was therefore taken on its use. Under the scheme, people who inherited such buildings would be encouraged to decide on assigning responsibility for the use of the building to one person. Tax incentives would be given on the building.

It was also being proposed, Dr de Marco said, that incentives would be offered for the use of large, old buildings. Such buildings, he said, were today unsuited for use as residences but they could be used as offices or, say, boutique hotels. The incentives would apply where such old buildings are reused for purposes which are compatible with residential areas.

The scheme is expected to be published in the coming days.

Source: The Times of Malta