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Developers Lose AIMI Legal Dispute

22 June 2019 – Richard D. K. Turner

Portugal’s tax authorities have won a two-year court battle. Now, companies that own land that is slated for development will have to pay the AIMI (IMI real estate tax surcharge) on such holdings.

Real estate companies, investment funds and some banks had disputed that they should have to the tax surcharge on plots of land slated for development, even if the intended development foresees commercial activity. The law says that urban buildings classified as commercial, industrial or services are exempt for the tax surcharge while residential buildings and land for building must pay the tax.

Original Story: Economia Online / Lusa