Labour Proposes Tax Breaks for Self-Employed, Elderly Homeowners, and Student Placements

· Updated

In brief

  • The Labour Party has unveiled new proposals for the upcoming general election, focusing on tax benefits for various groups.
  • Self-employed individuals could save up to €7,150 through a new "SMEBoost" scheme, which includes a cash grant to reduce their effective tax burden.
  • Other pledges include tax perks for elderly homeowners who downsize and paid placements for students.

As the general election campaign continues, with parties debating economic plans and credibility, the Labour Party has announced a series of new proposals aimed at different segments of the population.

One key proposal targets self-employed workers, introducing a scheme called "SMEBoost." Under this plan, self-employed individuals would continue to pay a 15% contribution rate but would receive a cash grant. This grant is designed to reduce their effective financial burden, potentially saving them up to €7,150.

Additionally, Labour Party leader Robert Abela pledged tax perks for elderly homeowners. These benefits would apply to those who choose to downsize their homes, encouraging more efficient use of housing stock.

The party also committed to providing paid placements for students, aiming to offer practical work experience and financial support during their studies.

These proposals form part of the Labour Party's broader electoral platform as the country approaches the next general election.

Prime Minister Robert Abela has announced additional proposals designed to support businesses and young entrepreneurs. These new measures are part of the government's ongoing efforts to strengthen the economy and foster growth among new ventures.

Separately, the government has also put forward a proposal to reduce the stamp duty applicable to the transfer of family businesses. This initiative aims to facilitate the succession planning for family-owned enterprises, making it easier for them to pass on to the next generation.

The Spin Room

Low media divide. Both ONE News and state broadcaster TVM News reported on the government's latest economic proposals without significant differences in emphasis.

Updates

  • : The Prime Minister announced new proposals to support businesses and young entrepreneurs, alongside a government proposal for reduced stamp duty on family business transfers.

Sources (4)