02 Thursday May 2019
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≈ Comments Off on Upcoming rule changes to raise IMI in 2020
The “AT” (Tax Authority) has revealed plans to review the Location Coefficient (“CL”) of immovable properties by the end of August. The new localisation factor will be approved by the end of the year, coming into effect in January 2020. Finanças targets updates to the Ratable Value of real estate (“VPT”) at 85% of average property prices in each location.
26 Tuesday Mar 2019
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≈ Comments Off on “IMI” Update
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2019, coefficient, IMI, municipality, sqm, update, value, vpt
In 2019, the value per square metre for real estate rose from €603 to €615 per m², an amount that had not changed since 2010. This criterion is key in determining a property’s Rateable Value (“VPT”) and consequently the value of “IMI”. The amount due is fixed by factors such as location, condition, quality, size and age of the property. These coefficients are updated every three years at which time a revaluation of the property can be requested. The final “IMI” due is determined by the tax rate established by each Municipality between 0.3% to 0.45% for urban buildings and 0.8% for rustic land.
02 Monday Jul 2018
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Tags
2019, budget, coefficient, government, irc, july, local lodging, simplified
Diverse and sometimes contradictory recommendations are currently under discussion to modify underlying rules governing Local Lodging. In last year’s budget, numerous changes came into effect regarding the taxation of Local Lodging income. In IRC, “AL” income under the Corporate Simplified Regime lost its reduced 0.04 coefficient, rising to 0.35. In IRS, the changes moved in the same direction: under the Simplified Regime for Independent workers, the 0.35 coefficient also applies. Apartments and villas let under in Local Lodging registrations were excluded from the 0.15 coefficient still available to room lets, hostels and holiday offerings registered under the “Tourist Development” classification.
08 Monday Jan 2018
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The average cost per square metre for construction has been determined to be is €482.40 in 2018. This is the value to be used when calculating the area coefficient as part of the annual assessment of “IMI” (Municipal Property Tax).
07 Thursday Dec 2017
Posted in Article
Tags
2018, 27600, budget, coefficient, deduction, regime, simplified
The State Budget for 2018 introduces important revisions to the Simplified Regime. The Secretary of State for Fiscal Affairs, António Mendonça Mendes, declared that the measures “do not impact” taxpayers on low and middle incomes. At the same time, the changes “do not allow wealthier service providers to manipulate the existing system to simplify, rather than lower taxes”. “Who truly must justify expenses are those who, earning more than €100,000, have chosen not to apply standard accounting”.
15 Thursday Sep 2016
Posted in Posts
The Government has confirmed that, for independent workers under the Simplified Regime, Social Security deductions are to be based on net taxable income after application of the appropriate coefficient, not the gross received. In addition, overall Social Security deductions due may not exceed 10% of gross income from all sources.
