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211,000 Taxpayers Charged New Municipal Property Tax in September

03 Aug 2017

Next month, 211,690 taxpayers will have to pay the Municipal Property Tax Surcharge (AIMI). The tax will be paid in full in September based on settlements carried out by the Tax and Customs Authority in June, as explained in the Diário de Notícias (DN) this Thursday.

The more than 211 thousand taxpayers included are companies, individuals, undivided inheritances and cases where fiscal property registries are incomplete. A spokesman for Mário Centeno’s office explained to DN that 56,412 companies owned properties that would come under the AIMI, based on analysis of the settlements.

At the beginning of June, Público reported that close to eight thousand taxpayers managed to avoid paying the AIMI, according to data the newspaper had access to. In total, 1857 were undivided inheritances, involving 4,475 heirs, who reached agreements on the division of the taxable patrimonial value.

This is a legal way of avoiding paying the new tax or paying as little as possible, which was used by 7954 taxpayers, including inheritors, married couples and non-marital partnerships.

The Ministry of Finance will charge this tax, provided for in the 2017 State Budget, for the first time this year. The new tax will be applicable to individuals with real estate assets above 600 thousand euros. The owners will be subject to a rate of 0.7% on the value of assets that exceed 600 thousand euros and 1% on assets that exceed one million euros.

Original Story: Revista de Imprensa JE

Translation: Richard Turner