The fiscal package of the Municipality of Faro, approved on October 30th, at a Chamber meeting, provides for a reduction in the Municipal Property Tax (IMI) for urban buildings – from 0,35% to 0,32% – and a reduction in the surcharge rate.
It also provides for the maintenance of the surcharge exemption for companies with a turnover of up to 150 thousand euros, already in force this year, the normal surcharge rate is reduced from 1,5% to 1,35% on subject and non-exempt taxable profit IRC (Corporate Income Tax).
The IMI rate, which thus suffers its fifth reduction over the 10 years, drops to 0,32% in the case of urban buildings (it was 0,38% in 2020) and remains at 0,8% for buildings rustic.
At the same time, and as has been happening in recent years, the Municipality of Faro maintains support for families with dependent children. Thus, families with one child pay 20 euros less in IMI, while families with two children pay 40 euros less and those with three or more dependent children pay 70 euros less in this tax.
The variable participation rate in the formation of the IRS received in the municipality remains at 5%, while the rate of rights of way for goods in the municipal public and private domain – by companies that offer publicly accessible communications networks and services. infrastructure for hosting these communications – is set again at 0,25%.
With this set of measures, the Municipality of Faro states that it intends to «continue to provide increased support to families and companies in the municipality, which are facing a challenging economic situation, particularly with the rise in inflation and interest rates, as well as electricity and fuel costs».
In total, this tax reduction for 2024 corresponds to around 1,4 million euros that will remain in families and companies, without being collected by the Municipality in the form of taxes.
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