The government announced on Tuesday evening the approval of a decree-law that exempts young people under the age of 35 from IMT (municipal property transfer tax) and IS (stamp tax) when they buy their first permanent home.
Following an authorization from the Assembly of the Republic, the government in the Council of Ministers on Tuesday approved a “partial tax exemption in the amount of €316,000 to €633,000” for young people buying their first home.
The measure, which will come into force on August 1, “will be accompanied by a compensation mechanism for municipalities to compensate for the loss of tax revenue,” the government says.
This exemption is available for the first purchase of real estate intended solely for personal and permanent residence, provided that the young purchasers do not own any residential real estate on the date of transfer or at any time within the previous three years and that they are not considered dependents for IRS purposes. .
Author: Lusa
Source: CM Jornal
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