This is ridiculous and insulting. Do they take us for complete fools? Obviously yes, because we voted them in.
Anton Refalo, Gozo Minister and real estate king, with a miserable income of Eur26,000 a year.
Chris Cardona, Economy Minister: the poor man survived on his MP’s pay and just Eur 3,000 from all his hard work as a lawyer and businessman.
The Labour Party’s easy ride to overwhelming success in the last general election must have led it to the conclusion, which may or may not be right, that it can sell the Maltese electorate anything.
However, all things are not equal. Labour politicians can now write out of the equation the ‘madness of crowds’ factor which dissipated immediately the result became known.
So it’s going to be a little more difficult to sell the electorate the idea that Minister Chris Cardona had an income of just €23,430 last year, especially when you consider that around €20,000 of that was what he was paid as a member of parliament. We are expected to believe that he earned about €3,000 from his private practice as a lawyer, and from his business investments.
We are also expected to believe that with an income of just €23,430 (maybe it was a particularly lousy year under Gonzi PN, poor thing) he services something else he declared: a loan of €577,000.
But Gozo Minister Anton Refalo is much worse in terms of what he expects us to lap up and believe. His declared income for last year was his MP’s pay (€20,129) and just €6,470 from his private practice as a lawyer. He did not declare any income from his business and real estate investments.
And Anton Refalo also expects us to believe that with his income of around €26,000 a year (unless this was a spectacularly and really unusually bad year), he has somehow managed to acquire a property portfolio that includes 13 flats, four offices, two garages, arable land (unspecified quantity), and mysteriously unspecific ‘property’ in Xlendi and Qala, one of which is a fabulous villa plus swimming pool in a valley – though he doesn’t say that.
Yes, and Refalo thinks that those who voted Labour will also be gullible enough to believe him when he says that he services a loan of €830,371 with his income of around €26,000 a year – besides acquiring all that property and keeping body and soul together.
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Chris Cardona must have been one hell of a lousy lawyer if he only managed to get € 3,000 from his practice.
Franco’s on a roll here.
http://www.timesofmalta.com/articles/view/20130718/local/man-sold-off-rented-equipment.478533
Whenever Refalo presents himself at an auction, I make it a point to see whether he’s bidding.
He just won’t stop, forcing values to ridiculous amounts.
Some wild rumours going around to his punctuality in settling bills with auctioneers as well.
The VIP treatment.
Confirmed.
Multiplication of loaves and fish
Obviously the income tax department does not have any reason to look into the dodgy tax returns of these paupers.
‘a property portfolio that includes 13 flats, four offices, two garages, arable land (unspecified quantity), and mysteriously unspecific ‘property’ in Xlendi and Qala, one of which is a fabulous villa plus swimming pool in a valley’
And what is he doing with them? Unless he lives in all of them at the same time (impossible, even for a Labour super hero…), he is either leaving them to rot or he is renting them out. So how come he hasn’t declared any rental income?
Inland Revenue should launch an inquiry. This is a scandal in itself.
Two weights, two measures. Move along, nothing to see here.
I’m still waiting for my ” property portfolio that includes 13 flats, four offices, two garages and such ”
But hey… it’s the new middle class, and we will be getting our share soon.
If these declarations are not sworn on oath then they are meaningless.
If they ARE on oath then some investigative journalism could lead to charges of perjury.
Interesting how they betray a sense of shame at who they really are.
They’ll resort to half truths and leave us guessing.
This one didn’t.
http://www.youtube.com/watch?feature=player_embedded&v=8KwcuvjB_wc
Ever the gentleman.
Ever the statesman. Ever so missed
I need home economics lessons from these guys.
They are investment gurus, magicians. It is commendable to see that we managed to elect people with such skills.
Lapdancing must really work wonders for Cardona.
Probably lapdancing clears the mind
Ghandek tghid kemm kienu jghajjru lin-Nazzjonalist li huma il-partit tas-sinjuri. Issa nafu liema hu l-veru partit tas-sinjuri.
Il-messagg li qed jaghtu lil poplu huwa li fejn tista tfotti sew taghmel.
Il-partit Nazzjonalista jibqa’ l-partit tas-sinjuri, fil-hsieb, fil-manjieri u fil-portament.
Dak kien il-messagg minn qabel l-elezzjoni. Min tellaghhom hekk ried.
No wonder the poor minister is dipping his fingers in government tenders.
No wonder tax evasion is so rife. The people in general, from businessmen to rubbish collectors, are simply following in their leaders’ footsteps.
Who can blame them then? If I am ever taken to court on some tax infringement, I will take all these declarations with me and demand whether these were investigated or not.
Be careful Daphne or Chris ‘BadaBing’ Cardona might throw a hissy fit and threaten you.
He did his first disappearing act as a 12 year old.
One of the very few whose parents followed Karmenu’s jew b’xejn jew xejn diktat in 1985.
Imagine losing college life and schoolmates to politics at that age.
We need more such analyses of politicians’ declarations of income and assets. Newspapers just publish them as presented and leave us on our own to do the workings/calculations.
Champagne socialism at its best.
Those incompetent idiots Lagarde, Bernanke, Draghi, Soros and Buffett should be sacked on the spot.
They should be replaced without delay by members of smell- the-coffee Joey’s cabinet.
These are the true financial wizards.
The best the world has ever seen.
X’cuc hu Carlos Slim.
Can someone please work out how much the monthly installments should be to pay back those loans ?
Sure.
For Refalo, it would be 2,769.10 loan payment per month over a 25 year period against his 2012 income of 2,166.67 per month.
For Cardona, it would be 1,923.33 loan payment per month over a 25 year period against his 2012 income of 1,952.50 per month.
The loan payments are capital only. Somebody else can work out the interest.
You can double those numbers and you are close to the monthly repayments including interest.
Unless these are considered to be bad debts by the bank. Government is going to single handedly force the banks to bailout once their loans default.
At 5% interest it is 3400 euros per month for Cardona over 25 years.
For Refalo the figure goes up to 4887. A whacking 60000 euros per year.
Gary, besides interest you have to add insurance cover.
Kellhom ragun qabel l-elezzjoni… Imsieken il-gvern ta’ Gonzi qeridhom. Kollha mejtin bil-guh.
Where is the PN media? PN should lambast these politicians and ask the questions everyone is asking.
This lambasting should be in Charlon Gouder’s pestering style. Journalists should follow these individuals as soon as they step out of their home, as soon as they’re going to the Kazin, even follow them up to public lavatories, if need be.
The delay in disclosing the information also raises an eyebrow. Why disclose now, in the summer recess, when people are distracted and not following news?
Why was information not fully disclosed?
We demand clarifications.
Vera – u mhux il-PN media biss.
It-Times (u ovvjament Maltatoday) ghamlu erba’ snin shah itambru fuqha tal-500 ewro.
X’ se jaghmlu issa – quddiem xi haga evidentement ikbar?
What a farce.
I think it would be better if this requirement is scrapped altogether.
By the way the comments passed by Labour supporters on the Times of Malta comments board underneath the report are really hilarious.
Why shouldn’t banks, who authorized those loans, be investigated, by some sort of regulator, to see why they seem to have a different set of criteria for loans to lesser mortals and members of parliament?
If they are listed on the Stock Exchange, I expect a few questions at shareholders’ meetings.
With a salary of €36,000 my daughter is having trouble getting a loan of €15,000. Can one of these Honourable gentlemen tell me what she should do, seeing that with such low salaries they have managed to convince the banks to sanction amazing amounts?
Let’s spell it out.
Chris Cardona is 41, which means he has another 24 years (if the retirement age is raised and he retires at 65) to pay off his loan of Eur 577,000 (banks normally give a loan term up to pensionable age).
Eur 577,000 at 4.25% over 24 years means a monthly repayment of Eur 3,199.26 or yearly of Eur 38,391.12.
He’s certainly not got that, or is paying it off from, the income he has declared here.
Anton Refalo is 57, which means he only has four years until he retires at 61, but let’s stretch things and give him another eight years to pay off his loan of Eur830,371: at 4.25% over 8 years he’s looking at a monthly repayment of Eur10,218.47 or Eur122,621.64 annually.
And all he’s declared is his MP’s honoraria and Eur6,000 from his law practice. Fascinating.
It’s a no-brainer to see that something is very, very wrong with their declarations.
Dawk il-flus ghamluhom taht gvern li skont huma kien hazin.
Mela li kien tajjeb x’ kienu jaghmlu?
As I said, I don’t know anything about Maltese taxation laws, but any asset should be taxed.
If not mistaken, lawyers are exempt from VAT which is inciting them to commit to fraud.
[Daphne – ‘Any asset should be taxed’. Why? There is no annual property tax in Malta. Tax enters the equation only at the transfer stage. Lawyers are NOT exempt from VAT requirements. Only doctors are. And not even animal doctors, either. ]
Ipokriti, kollha kemm huma. Jippriedkaw il-faqar u jaqbzu ghal haddiema. Msieken.
No wonder they they were all eating pizza !
On that income of €23,430, Chris Cardona has to pay income tax and NI contributions amounting to approx. €6,000 (and that’s with NI contributions calculated on the basis of an employee, not self-employed) leaving a balance of approx. €17,000.
The €17,000 is more or less equivalent to the amount he has to pay annually to service his loan of €577,000.
Can anyone explain how he pays the essentials such as food, clothing, W & E bills, telephone, mobile, car expenses / maintenance, etc?
I am baffled and would like to be told how he does it.
Repayments on Chris Cardona’s loan of Eur577,000 and a minimum of 5% interest cometo E28,850 a year, which is more than the Eur23,000 (before tax and NI) that he earns.
I calculated the interest on the loan at a very conservative rate of 3% due to the amount involved
And please do not include “ME” in the “WE” of the heading of this comment as I NEVER voted for them.
Dr Stefan Buontempo’s declaration is even better. His only income was his parliamentary honoraria.
The Hon Perit must either have done a lot of pro bono work during 2012 or none at all.
Mr. Buontempo is not an architect.
We are supposed to believe that Chris Cardona made Eur3,000 in the whole of 2012 from his law practice. What, is he still living in Mintoff’s belt-tightening time?
Even Eur3,000 is way too little for a lawyer aged 41 and with such a high profile. More lies. And here we go again.
Poor employee who has to pay tax on every cent of his wage. What a farce! By the way, do ministers and parliamentary secretaries have immunity from a Tax Compliance Unit investigation?
Everyone knows where Chris Cardona gets the money to service that loan. We just don’t talk about it.