Taxes on expensive properties go up: government approves changes.

The government is considering exploring proposals to raise taxes on the purchase of expensive homes to prevent houses being siphoned off to big funds and speculation in the real estate market. The possibility was proposed by Finance Minister Fernando Medina in Parliament.

Tax increases on the purchase of expensive homes

"I have no objection to studying proposals along these lines," a government official said in response to a challenge from Livre MP Rui Tavares.

Remember that Fernando Medina was speaking at the hearing of the Parliamentary Committee on Budget and Finance (COF) on the 2024 state budget proposal (OE2024) held on October 26. According to ECO, despite the initial openness, at the end of the hearing, the Finance Minister recalled that in the past it was decided to increase the Real Estate Transfer Tax (IMT) on the acquisition of real estate above a certain value.

"But experience has shown that it is inefficient because those who can pay a lot can pay a little more," he commented.

On the other hand, he warned that "there can be "no discrimination of taxes according to nationality between countries in the European area. "

Additional tax on municipal assets (AIMI)

Reminder that Portugal currently has an Additional Municipal Property Tax (AIMI), which has increased rates for taxpayers who have a property complex, including land and buildings, with a value above 600,000 euros.