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Exemption from IMT on home purchases by young people is approved in the Portuguese Parliament

This Wednesday, June 12th, Parliament approved the exemption from IMT and Stamp Tax for young people up to 35 years old who buy their first home. This is a legislative authorization from the Government of Montenegro that constitutes the first political victory of the Democratic Alliance in the Assembly of the Republic.

The vote took place in this Wednesday's plenary session and was done in general, specialty and global final at the same time. The IMT exemption for the purchase of their first home by young people included votes in favor from PSD, Chega, IL, CDS-PP and PAN, votes against from PCP and Livre and abstention from BE and PS.

The discussion of this proposal for legislative authorization from the Government that grants an exemption from IMT and Stamp Tax to young people up to the age of 35 when purchasing their first home had taken place the day before in plenary.

In Tuesday's debate, the Minister of Youth and Modernization, Margarida Balseiro Lopes, said that young people's difficulty in buying a house "is a trigger" for them to leave the country, highlighting the need to stop this "bleeding". And she recalled that this type of exemption already exists in different municipalities of various political colors, which proves "that this measure does not have a partisan brand". Examples of this are the municipalities of Mafra (PSD), Penafiel (PSD), Vila Real (PS) and Matosinhos (PS).

The measure proposed by the Government grants an exemption from IMT and Stamp Tax on the purchase of a house whose value (for the purposes of paying these taxes) does not exceed 316,772 euros, that is, the equivalent of the 4th IMT bracket.

The measure also includes a partial exemption for houses between 316,772 and 633,453 euros (with an 8% rate on this portion).

Read the full article here!

Source: Idealista


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