Judgment of the Court of Justice of the European Union (“CJEU”) of 4 June 2026 – NOVA IBEROMOLDES – SGPS, S.A. (“Nova Iberomoldes”) v. Autoridade Tributária e Aduaneira (“PTA”) regarding the compatibility of the Portuguese real estate transfer tax (“RETT”) with Council Directive 2008/7/EC on indirect taxes on the raising of capital (the “Capital Raising Directive”).
I. Analysis of the case law
II. Portuguese perspective
The judgment directly addresses Portuguese law and confirms that Portuguese RETT (Article 2(2)(d) of the RETTCode) cannot be applied to transactions that qualify as reorganisation operations under the Capital Raising Directive.
III. Spanish perspective
The judgment is relevant to Spain primarily through Article 338 of the Securities Markets and Investment Services Act (Ley 6/2023, “LMVSI”), which subjects to Transfer Tax (“TPO”) the acquisition of shares in Spanish real estate-rich companies where the acquirer obtains control — a mechanism structurally similar to the Portuguese RETT provision at issue in Nova Iberomoldes.
You can read the full Legal Briefing here.