IMT order takes 20% of revenues camera Lisbon – Business Journal – Portugal

Fernando Medina was concerned with the impact that the end of IMT will be in Lisbon. The IMT is EUR 120 million, equivalent to 20% of the local authority revenue.

The Municipal Tax Real Estate Transfer (IMT) has announced death for 2018, when it will be replaced by stamp duty. At that time, revenues from the sale of properties will be the rule and not the cameras. In Lisbon, the impact will be high: according to Fernando Medina, the IMT is “about 20% of the budget” town hall

Last year, the IMT increased by 51 million euros to spend. to ensure 120 million into the coffers of the camera in Lisbon. Now, with the announced end of the tax, the president of the municipality is concerned. “We have no receptivity to accept passively that endangers about 20% of the budget of the Chamber of Lisbon when we have the accounts in order,” he criticized.

“He thought he could make the extinction IMT because the rise in IMI rose so did not think the city of Lisbon, “continued Medina. . “Not in regions of the country such as the Algarve There is no chance: for more than apply the maximum rates [IMI], would still be extremely short of IMT revenue,” said the mayor

Medina said he was available for “dialogue” and “find alternatives” to the extinction of the tax. The mayor claimed to have no indication that the stamp duty revenue accrues to local authorities. One of the main criticisms of the National Association of Municipalities to the elimination of IMT was precisely that: a. That revenue would only change hands, because the sale of real estate would continue to be taxed

The Minister of Finance announced last Thursday that with the extinction of IMT the Government will apply the stamp duty on property transactions. Thus, total revenue is expected to fall from current EUR 460 million to 230 million. What will be, however, the central government and not the cameras.

property sales worth 90 million

Fernando Medina explained that last year, heritage of sales generated a value “close to 90 million euros.” The actual revenue is “lower” because “part of [revenue] scriptures comes in 2015″. This year the camera should profit “about 50 million” for the sales scriptures made last year.

When the sale of the People’s Fair grounds, Medina stressed that “we do not have a date” to make the operation. “We are doing an operation that maximizes interest income that the municipality will get, but that is also a pledge to have the greatest number of stakeholders as possible,” he concluded.