New IMI rates to be levied on rustic land

Annual IMI (rates) levied on rustic land are about to change – according to their size and location.

Jornal de Negócios explains that “a proposal” to this effect will be presented in parliament by the end of this month, and will afterwards be included in the 2017 budget.

The proposal is designed to bring money flooding into State coffers, as before “rustic properties” were evaluated on their productivity.

In other words, if they were left to abandon, producing nothing, IMI contributions would be negligible.

The “objective” says JdN is to embark on a process of re-evaluation “which will start with properties of largest dimension” (over 50 hectares).

The paper adds that there currently exist around 11.5 million rustic properties, of which roughly 2.5 million are larger than 50 hectares and “localised in the south of the country”.

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