AFP, Lisbon :
Portugal will introduce a tax on real estate fortunes above 600,000 euros ($661,000) in 2017 to help pay for pensions, the government has said.
The tax, fiercely opposed by the real estate sector which fears it will put the breaks on foreign investment, was included in Socialist Prime Minister Antonio Costa’s draft budget for 2017.
“The taxation of large real estate fortunes will enhance the sustainability of our social security system and contribute to fiscal justice,” he told parliament Friday.
If the value of all real estate owned by a taxpayer surpasses 600,000 euros ($661,000), a levy of 0.3 percent will be applied to the amount above this threshold, according to the draft budget.
Portugal will introduce a tax on real estate fortunes above 600,000 euros ($661,000) in 2017 to help pay for pensions, the government has said.
The tax, fiercely opposed by the real estate sector which fears it will put the breaks on foreign investment, was included in Socialist Prime Minister Antonio Costa’s draft budget for 2017.
“The taxation of large real estate fortunes will enhance the sustainability of our social security system and contribute to fiscal justice,” he told parliament Friday.
If the value of all real estate owned by a taxpayer surpasses 600,000 euros ($661,000), a levy of 0.3 percent will be applied to the amount above this threshold, according to the draft budget.
