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Authors
Advisor(s)
Abstract(s)
Os Fundos de Investimento Imobiliário (FII) encontram-se, desde o início da sua atividade em Portugal, sujeitos a um regime fiscal especial, que muito auxiliou a sua evolução e expansão até 2008, ano em que o setor imobiliário entrou em declínio, não se tendo ainda assistido à sua recuperação. Na última década, verificaram-se evoluções na legislação fiscal aplicável que resultaram num agravamento da tributação dos rendimentos dos fundos e num progressivo desmantelamento dos benefícios fiscais existentes relativos ao património imobiliário destes instrumentos financeiros. Já em 2015, com a publicação do Decreto-Lei n.º 7/2015, de 13 de janeiro, operaram-se profundas mudanças no modelo de tributação dos fundos, passando de uma tributação à entrada para uma tributação à saída. Com especial atenção ao quadro de elevada volatilidade da componente fiscal dos FII, temos como propósito realizar uma análise desse regime fiscal, (tentando) aferir em que medida este tipo de instrumento/produto financeiro se encontra ou não, nos dias de hoje, dependente do regime fiscal especial para assegurar a sua viabilidade.
Since the beginning of its activity in Portugal, the Real Estate Investment Funds (FII) have been subject to a special tax regime, which greatly helped its development and expansion until 2008, the year of the real estate crash, of which it has not recovered yet. In the last decade, there have been changes in the applicable tax legislation. These resulted in an increase of the funds income taxation and in a gradual dismantling of the existing tax benefits applied to the real estate assets of these financial instruments. In 2015, the issue of Decree-Law No. 7/2015, of January 13th, brought changes in the tax model, through the transition from an entry taxation to an exit taxation. With special attention to the high volatility framework in the FII’s tax component, our purpose is to conduct an analysis of its taxation, (attempting) to assess to what extent this type of instrument/financial product may or may not be dependent, nowadays, on the special tax regime to ensure its viability.
Since the beginning of its activity in Portugal, the Real Estate Investment Funds (FII) have been subject to a special tax regime, which greatly helped its development and expansion until 2008, the year of the real estate crash, of which it has not recovered yet. In the last decade, there have been changes in the applicable tax legislation. These resulted in an increase of the funds income taxation and in a gradual dismantling of the existing tax benefits applied to the real estate assets of these financial instruments. In 2015, the issue of Decree-Law No. 7/2015, of January 13th, brought changes in the tax model, through the transition from an entry taxation to an exit taxation. With special attention to the high volatility framework in the FII’s tax component, our purpose is to conduct an analysis of its taxation, (attempting) to assess to what extent this type of instrument/financial product may or may not be dependent, nowadays, on the special tax regime to ensure its viability.
Description
Mestrado em Fiscalidade
Keywords
Sistema fiscal dos Fundos de Investimento Imobiliário Evolução histórica Perspectivas futuras Viabilidade dos Fundos de Investimento Imobiliário Perspetivas para os investidores Impostos sobre o património Impostos sobre os rendimentos Real Estate Investment Funds Tax System Historic evolution Future outlook Feasibility of Real Estate Investment Funds Investors outlook Wealth Taxes Income taxes