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EU: Real estate transfer tax may not be imposed on contribution of shares qualifying as restructuring operation within meaning of capital duties directive (CJEU judgment)

Judgment directly affects Portugal, but is also relevant for other member states with real estate transfer taxes.

june 5, 2026

The Court of Justice of the European Union (CJEU) on June 4, 2026, held in Nova Iberomoldes – SGPS, S.A. (C‑837/24) that Portugal may not levy real estate transfer tax (RETT) on the contribution of shares in companies owning immovable property to another company, when the contribution qualifies as a restructuring operation within the meaning of the Directive 2008/7/EC (the Capital Duties Directive).

The judgment directly affects Portuguese practice but is also relevant for other member states with RETTs and look-through rules for real estate companies, including the Netherlands and Germany.

Read a June 2026 report prepared by the KPMG member firm in the Netherlands

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