Stamp duty brings in close to €2Bn

The Portuguese tax authorities coined in a record €2Bn from stamp duty in 2022, a third of it coming from transactions made by financial institutions.

Some €367 million resulted from property contract exchanges while financial services such as mortgages brought in the lion’s share at €696 million.
It is now believed that stamp duty brings in around €2Bn to the Sate with last year’s revenues bolstered by the increase in the values of properties in Portugal and insurance.
The statistics for 2022 show that Portugal’s oldest tax, which is slapped on most financial operations and transactions involving property, brought in €1.967Bn , up 6.1% or €113.6 million on 2021.
However, it fell short of government expectations of a 9% increase or €161 million.
Local government IMT tax or council tax grew 23% to a new record of around €1.764Bn while taxes on vehicles (IUC) brought in €772.6 million in 2022, an increase of 3.9% or €29 million.