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Property Owners as well as the Tax Office may request an additional “IMI” (Municipal Property Tax) evaluation if there is disagreement over the original set values. However, any such challenge does not suspend the payment of the first evaluation.
Recent “AT” inspections of Local Lodging establishments detected 1,800 irregularities according to the Jornal de Notícias. These cases had discrepancies in declared income and will now be subject to increased monitoring by the tax authorities. This investigation of holiday lets focused on 12,000 taxpayers, with the majority (10,200) with no inconsistencies.
Under a plan to clamp down on illegal renting, water, electricity and gas companies will be required to report to Finanças consumption by holders of the respective contracts. The information is to be provided to Finance by these service providers electronically each quarter in order to make automatic verifications of property owners and respective tenants.
Under the new Budget rules, Tax and Customs Authority (AT) officials alert that, as of January 2015, only invoices that include an individual’s tax number (NIB) will be eligible for tax deductions on personal income tax expenses.
This applies also to pharmacy receipts.
Tax payers can claim up to 1000€ in medical expenses (doctors’ visits, lab, glasses, pharmacy bills), and receive a tax credit of 15%. Keep your tax number at hand!