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Portugal to tax real estate fortunes to help fund pensions

Draft budget for 2017 calls for 0.3% levy to be applied on amount above 600,000 euros that is owned by a taxpayer

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Portugal will introduce a tax on real estate fortunes above 600,000 euros (S$915,200) in 2017 to help pay for pensions, the government has said.

Lisbon

PORTUGAL will introduce a tax on real estate fortunes above 600,000 euros (S$915,200) in 2017 to help pay for pensions, the government has said.

The tax, fiercely opposed by the real estate sector, which fears it will put the brakes on foreign investment, was included in