The President of the Republic announced on Tuesday a government diploma that exempts from IMT and stamp tax the purchase of a house by young people under 35 years of age.
“The President of the Republic has published a diploma that, using the legislative authorization granted by Law No. 30-A/2024 of June 20, exempts the municipal tax on the onerous transfer of property. [IMT] and stamp duty on the purchase of their own permanent housing by young people under 35 years of age,” says a note published on the presidency’s website.
The amendment in question concerns the Municipal Tax Code on the burdensome transfer of property and the Stamp Tax Code, which, as the government has already announced, will come into force on August 1.
The measure is expected to cost 50 million euros in 2025, Finance Minister Miranda Sarmento said at a recent hearing of the Commission on Budget, Finance and Public Administration (Cofap).
The IMT and IS exemption is a measure that can be taken advantage of by all young people when purchasing their first permanent home, provided they are 35 years of age or older on the date of purchase.
To be eligible for benefits, young adults must not be considered dependents for IRS purposes in the year they purchase the home.
This exemption applies to homes valued up to IMT class 4, i.e. up to €316,772. For the portion above this amount and up to €633,453, IMT must be paid at the rate appropriate to that group (8%).
In practice, by purchasing a house for 300 thousand euros, young people will pay 13,377.58 euros less in taxes (from 10,977.58 BMI to 2,400 euros in stamp duty).
This tax exemption is in line with the implementation of a measure included in the government programme led by Luis Montenegro, aimed at facilitating access to housing for people under 35 years of age.
Providing a bank guarantee for a housing loan is another measure aimed at young people, which has also already been approved and is only awaiting regulatory approval.
Author: Lusa
Source: CM Jornal
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