The PS wants the Chamber of Faro anticipate the payment of the loan taken out with the Local Economy Support Program (PAEL), so that you can no longer be obliged to apply the maximum rates of Municipal Property Tax (IMI).
The Socialists defend the contracting of a new loan, for 14 years, from the traditional banks, in order to redeem the debt to the State program and lower the taxes charged to the population.
The conviction that charging the maximum rate of IMI "unnecessarily penalizes Faro and the Farense' is at the base of this proposal, as well as the amendment to the Municipal Budget for 2016 imposed by the councilors of the PS and the CDU, in a majority in the Chamber of Faro.
In this way, it is in the municipality's plans to reduce part of the debt to the PAEL, this year, despite the disagreement of the right-wing coalition in power, which considers that the money would be better applied in investment that will boost economic activity.
Socialists say that the current executive's strategy, by not prioritizing the early payment of the PAEL, is to make "farenses pay the maximum rate of IMI over the next 20 years", the time that is planned to take until the municipality just pay off this loan.
For the socialists, it is already justified to relieve the Farenses, taking into account that, between 2010 and 2015 «the income of IMI rose 16 million 217 thousand 692 euros in accumulated value,(…) an increase in revenue of more than 32 percent». It was, moreover, this reality that led to the achievement of the good financial results recently announced by the Chamber, since “it is above all from the increase in IMI's revenue that results in the reduction of the Municipality's indebtedness”, defends the main opposition party.
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