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International Property Awards 2012 London
Double U-turn on property tax rises
Created on Thursday, 11 October 2012 18:42
Today the government re-introduced the cap on IMI property tax rises, bringing relief to thousands of owners who have low historical tax valuations on their properties, and who were facing high IMI increases next year.
The government had hoped to raise over €2 billion in additional taxation from property owners in 2013. With the re-introduction of capped rises it will have to settle for less.
Considerable difficulties are still predicted for many owners, especially the poor who simply may not be able to not afford the new tax bills, whether gradually introduced or not.
In parliament today, Paulo Batista Santos (PSD) expressed satisfaction at the second U-turn in a week, a view widely applauded.
The finance minister clearly has listened to interest groups and his own party members, but this double U-turn does give an impression of Gaspar’s lack of political grasp.
The lust for bleeding dry the population under the Troika flag of convenience surely must come to a natural end when there is no more to give.
source http://algarvedailynews.com/news/7792-double-u-turn-on-property-tax-rises