TAXES IN the Portimão area are to be reduced in an initiative that the Câmara hopes will see the tax payers of the municipality saving around seven million euros in 2009.
The proposal, presented by Portimão Câmara president Manuel da Luz, will, if approved, see the return of five per cent of each taxpayers IRS from 2008, costing the Câmara two million euros.
The rate of IMI, housing tax, is also to reduce from 0.8 per cent to 0.65 percent for old buildings and from 0.5 per cent to 0.35 per cent for new homes.
While IMT tax, the property transfer tax, will no longer be charged to those between the ages of 18 and 35 when purchasing a permanent home up to the value of 150,000 euros.
The measures have been designed to encourage the continued buying of property in the area and to send a positive economic message from the Câmara to the people of Portimão.
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