Vila do Bispo reduces IMI and returns IRS

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The municipality of Vila do Bispo approved the reduction of the Municipal Property Tax (IMI) to be applied in 2021, to the legal minimum possible, that is, 0.30% and waive the entire variable participation of the municipality in the IRS.

Regarding the reduction in the IMI rate, it will go from the current 0.34% to 0.30%, which represents a reduction in municipal revenues of around 254 thousand euros compared to the current year. In addition to this reduction, the municipality will apply the family IMI, which allows the amounts paid by households to be lowered, depending on the number of dependent dependents. Thus, whoever has a dependent dependent will have a reduction of 20 euros who has two dependent dependents will have a reduction of 40 euros and who has three or more dependent dependents
will have a reduction of 70 euros and this discount is automatically deducted in IMI, for families signaled through the previous year's IRS declaration, with tax domicile in a building destined to own and permanent housing in the municipality.

Another tax benefit provided by the municipality to residents with tax residence in the municipality is related to the full return of 5% of the IRS, in relation to the previous year's income, calculated on the respective net collection.

According to the financial regime of the local authorities, the council is entitled, each year, to a variable participation of up to 5% in the tax on the IRS, deciding the Municipality of Vila do Bispo to abdicate it in favor of the families of the municipality. This decision implies a drop in municipal revenues of approximately 250 thousand euros. The measure applies to 2021 earnings and will have effects on municipal revenue for the 2022 financial year.

Regarding Derrama, whose rate is subject to taxable profit subject to and not exempt from corporate income tax (IRC), referring to companies, the amount approved by the municipality remains at 1%. It should be noted that the maximum limit for this rate is 1.5%.

These measures proposed by the municipality were approved at a municipal assembly meeting on November 25.

The leader of the Vila do Bispo executive, Adelino Soares, considers that “despite this reduction in revenue, all the conditions are still met for the management of the next mandates to be solid and sustainable, since the current economic and financial situation of the municipality is considerably better compared to previous years ».

For Adelino Soares "this tax reduction is the result of a rigorous management implemented over the last few years that allows, exceptionally, the tax burden on families and the local business fabric to be relieved". He also considers that «the year 2020 is the culmination of the strategy implemented in this mandate (2017/2021), where we set out to reduce the total debt in the short term, with clear benefits for the local community, and to plan the future of the municipality with new investments ”, concludes the mayor.

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