Almost 20% of all property purchase tax generated in Lisbon

  • 13 November, 22

Taxes and fees generated 3.8 billion euros in municipal coffers last year. IMI is the most relevant tax, but IMT (property purchase tax) revenues soared 38% in 2021, mirroring the resumption of real estate transactions after an atypical year due to the Covid-19 pandemic. The Financial Yearbook of Portuguese Municipalities, reveals that the IMT charged by Lisbon represents 19.6% of the total revenue from this tax at the national level.

Among direct taxes, the highlight goes to the Municipal Property Tax (IMI), which generated revenue of 1.48 billion euros, the most significant in fiscal terms, but which still represents a reduction of 1.1% compared to the previous year, taking into account that 85 municipalities chose to lower the rate of this tax that is levied on the taxable asset value (VPT) of rural and urban properties located in the territory. However, there were 13 municipalities that, despite having reduced the IMI rate, had an increase in the amount collected. The most significant cases were those of Grândola (+5.4% in revenue), Alcanena (+2.6%) and Penela (+2.5%).

Cre: Portugalnews

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