Portugal: Average value of construction per square meter for IMI purposes to be in force in 2023
Portugal Tax Alert
In 2023, the average value of construction per square meter for the purposes of the Municipal Property Tax ("IMI") increases from EUR 512 to EUR 532, according to Ministerial Order no. 7-A/2023, of 3 January, recently approved.
This value is thus increased by EUR 25, from EUR 640 (EUR 512, plus 25%) to EUR 665 (EUR 532, plus 25%). We note in this regard that article 39 (1) of the IMI Code determines that the base value of buildings for calculation of their taxable value corresponds to the average construction value, per square meter, plus the value of the square meter of its implantation in the land which corresponds to 25% of that value.
This new value only applies to urban buildings whose Model 1 forms are delivered after the entry into force of this Ministerial Order, that is, as from 4 January 2023.
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