Saturday, October 15, 2016

Debts and IMI. Below 600 thousand € no one pays – the Observer

The Ministry of Finance ensures that the new IMI 0.3% will not apply to taxpayers with real estate assets below 600 thousand euros for the value of the tax, even if they have debts to the tax authorities and social security.

In response to the Observer, official source ensures that the "value of 600,000 euros is an exclusion from taxation, below it you do not pay the additional" 0.3%. Already taxpayers with debts and assets, above 600 thousand euros "only to have the deduction which the law provides if they have the tax situation regularized".

If you have debts, the rate applies on the total value of assets and liabilities — provided that reach the level of 600 thousand euros — and not only on the amount that exceeds the limit of 600 thousand euros, as the generality of taxpayers. The clarification comes after they have been raised doubts about the universe affected by the new tax. The Ministry of Finance ensures that there is full readiness of the Government to clarify the standard.

In the draft law that was delivered this Friday at the Assembly of the Republic indicated that the deduction of 600 thousand euros to the value of the collection "does not apply to taxable persons who do not have their tax and social debts". Soon, taxpayers with debts to tax authorities and social security would pay the new additional rate of 0.3%, over the whole of the value the tax of your real estate assets.

And it is here that have emerged all doubt: in the case of debts to tax authorities or social security, the new tax applies to all taxpayers, regardless of the value of its real estate assets accumulated?

In the Left Bloc of the party that was one of the main promoters of the introduction of this tax in the Budget of the State, also came the doubt and the source of the party says that the BE "is generally comfortable with the tax, but you will study some additional elements that emerged in the final version of the law". And more: "we Admit that there are things that need to be clarified, and the Ministry itself shows-if available to clarify, if it deems necessary".

In the Secretariat of State for Fiscal Affairs, the understanding is that the "the spirit of the law was that the tax only applies to the one who has the heritage in excess of 600 thousand euros". This is not however the reading that is being done by several fiscalistas.

The purpose of this penalty to taxpayers in lack, Ricardo Reis, expert in IMI of Deloitte, explains to the Observer that there is indeed a general rule of impairment of the recognition of tax benefits to taxpayers who do not have their tax situation regularized before the State, and Social Security.

however, the safeguard that "this type of restriction is not usually verified in respect of deductions and rebates that are part of the structure of each tax – given that these are not considered true benefits or exemptions, but rather elements of the "drawing" of the tax.

it Is therefore "reasonable to conclude that it is not part of the fundamental principles of Additional IMI to tax only the real estate properties or sets of properties worth more than 600 thousand euros, because there will be cases in which the taxpayers will suffer a tax on real estate value lower than this limit – such as, for example, taxpayers with debts to the State or Social Security, the societies of simple administration of goods and companies with activity of purchase of real estate for sale who are not able to sell their properties within three years."

The additional of IMI should give a revenue of 160 million euros, according to forecasts of the Executive.


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