On 15 April 2003 new proposals were approved by ...

[Steen Jakobsen]

On 15 April 2003 new proposals were approved by the Council of Ministers which will affect the following taxes:
1. Sisa [Property transfer tax].
2. Contribuição Autárquica [Municipal Tax or "Rates"].
3. Imposto de Doações e Sucessões [Gift and Inheritance tax].
The proposals are as follows:

Read the article at:
http://www.carvoeiro.com/finance/

[Kidson]

Many thanks for the information.

Do I understand that the proposals have now officially become law?

I don't follow the sliding scale calculations. Can someone explain in simplistic terms how to do so.

Am I to understand that on property valued at 500,000 Euros that SISA of only 10,800 Euros is payable?

Please explain and advise.

Many thanks.

[Steen Jakobsen]

there were a mistake in the first edition but it is now corrected...

calculation examples;

house sale at 245.000 [sisa 7% 17.150 - 7.900 ]= 9.250 euro sisa
house sale at 255.000 [sisa 8% 20.400 - 10.400 ]= 10.000 euro sisa
house sale at 450.000 [sisa 8% 36.000 - 10.400 ]= 25.600 euro sisa

[Kidson]

Many thanks for the clarification and examples.

Are you able to confirm the 'proposals' are now 'LAW?'

[Kidson]

We are fast approaching the 1st June when the new proposals regarding SISA etc are due to come into force. However does anyone have confirmation the proposals have in fact become law. If Yes, when did this happen and is it possible to access the statement/law in question?

Many thanks

[biffa]

The changes wee published in the Diario da Republica on Friday. The new tax levels will be operative on Monday morning.

I will post the update on the Finance section - God and Steen willing!

One new move is that promissory contrcats will have to be produced to the Notary at time the Deed is celebrated.

[Kidson]

Thanks biffa - look forward to receiving the detail.

On the basis of what you say, I rather imagine there will be several alternative versions of the promissory contract?

[Kidson]

Thanks biffa - look forward to receiving the detail.

On the basis of what you say, I rather imagine there will be several alternative versions of the promissory contract?