Monetary Correction Coefficient
Enter the value on the deed and both dates to get the coefficient and the corrected acquisition value.
Enter the value written on the deed and both dates. If the deed predates 2002, pick escudos or contos: the coefficient applies to the value already converted into euros.
Coefficients from Portaria n.º 382/2025/1, de 11 de novembro, applicable to assets and rights disposed of during 2025.
Show the full official table (disposals in 2025)
| Years | Coefficients |
|---|---|
| Until 1903 | 5,585.78 |
| 1904 to 1910 | 5,199.71 |
| 1911 to 1914 | 4,987.11 |
| 1915 | 4,437.01 |
| 1916 | 3,631.71 |
| 1917 | 2,899.18 |
| 1918 | 2,068.48 |
| 1919 | 1,585.26 |
| 1920 | 1,047.47 |
| 1921 | 683.44 |
| 1922 | 506.14 |
| 1923 | 309.74 |
| 1924 | 260.75 |
| 1925 to 1936 | 224.73 |
| 1937 to 1939 | 218.25 |
| 1940 | 183.66 |
| 1941 | 163.12 |
| 1942 | 140.83 |
| 1943 | 119.93 |
| 1944 to 1950 | 101.78 |
| 1951 to 1957 | 93.40 |
| 1958 to 1963 | 87.82 |
| 1964 | 83.92 |
| 1965 | 80.83 |
| 1966 | 77.26 |
| 1967 to 1969 | 72.24 |
| 1970 | 66.89 |
| 1971 | 63.67 |
| 1972 | 59.52 |
| 1973 | 54.11 |
| 1974 | 41.50 |
| 1975 | 35.46 |
| 1976 | 29.71 |
| 1977 | 22.76 |
| 1978 | 17.83 |
| 1979 | 14.07 |
| 1980 | 12.68 |
| 1981 | 10.37 |
| 1982 | 8.61 |
| 1983 | 6.89 |
| 1984 | 5.35 |
| 1985 | 4.48 |
| 1986 | 4.04 |
| 1987 | 3.71 |
| 1988 | 3.33 |
| 1989 | 3.00 |
| 1990 | 2.69 |
| 1991 | 2.38 |
| 1992 | 2.18 |
| 1993 | 2.01 |
| 1994 | 1.92 |
| 1995 | 1.84 |
| 1996 | 1.80 |
| 1997 | 1.77 |
| 1998 | 1.72 |
| 1999 | 1.70 |
| 2000 | 1.67 |
| 2001 | 1.55 |
| 2002 | 1.49 |
| 2003 | 1.45 |
| 2004 | 1.43 |
| 2005 | 1.40 |
| 2006 | 1.34 |
| 2007 | 1.32 |
| 2008 | 1.28 |
| 2009 | 1.30 |
| 2010 | 1.28 |
| 2011 | 1.24 |
| 2012 to 2015 | 1.20 |
| 2016 | 1.19 |
| 2017 | 1.18 |
| 2018 to 2020 | 1.17 |
| 2021 | 1.16 |
| 2022 | 1.06 |
| 2023 | 1.02 |
| 2024 | 1.00 |
The monetary correction applies to real estate and to shares and quotas (partes sociais) and, under corporate tax, to the assets Art. 47 covers. It does not apply to bonds, ETFs, fund units or derivatives. This calculator returns the corrected acquisition value, not the tax.
What this calculator does
It does the arithmetic the official table leaves to you. It reads the right row of the annex to the Portaria from your year of purchase, checks whether the minimum holding period is met (counted between the two dates, not in calendar years), converts the deed into euros if it is written in escudos or contos, and returns the corrected acquisition value, the correction in euros and the increase as a percentage. The output is the figure that goes on the return, not the tax.
The formula, and what it is correcting for
Corrected acquisition value = acquisition value (in euros) × coefficient. That is all. The coefficient exists because a capital gain is the difference between two prices separated by many years of inflation: without the correction, part of the "gain" would be nothing but the currency losing value. The table cancels that part. Someone who bought in 1998 for €50,000 sees the acquisition cost rise to €86,000 (coefficient 1.72), and that is €36,000 that stops being taxed.
The condition the table does not state: 24 months, or two years
This is where almost every page that republishes the table goes wrong. Art. 50 of the IRS Code corrects the value "sempre que tenham decorrido mais de 24 meses entre a data da aquisição e a data da alienação": more than 24 months. Art. 47(1) of the IRC Code corrects it "sempre que, à data da realização, tenham decorrido pelo menos dois anos desde a data da aquisição": at least two years. The two are not synonyms: buy on 15 March 2023 and sell on 15 March 2025 and corporate tax corrects while personal tax does not. That is why this calculator asks for dates and for the tax, not for a number of years.
A deed in escudos: the mistake that multiplies by 200
The pre-2002 coefficients are large (5,585.78 for "Até 1903") precisely because they bridge the escudo era, but they apply to a value in euros. A 1995 deed reading 12,000,000$00 enters the calculation as €59,855.75 (÷ 200.482, the irrevocable rate fixed by Regulation (EC) 2866/98), never as 12,000,000. That is why the currency is a field here: pick escudos or contos and the conversion happens before the coefficient.
The table is not a descending curve
Worth knowing before anyone "tidies" it: the coefficient for 2009 is 1.30, higher than both 2008 and 2010 at 1.28. It is not a transcription error: consumer prices in Portugal fell during 2009, so money from that year needs a slightly larger correction than money from the year before. It is the only inversion in 122 years of table, and any interpolation or smoothing of the series would destroy it. The table on this page is a literal transcription of the 76 printed rows of the annex.
Which assets it reaches, and which it does not
Art. 50 of the IRS Code points at the real estate of Art. 10(1)(a) and at the "partes sociais no caso da alínea b)": shares and quotas. The other securities in that same paragraph (b) are left out: bonds, ETFs, fund units and derivatives are taxed on the uncorrected gain. Under corporate tax, Art. 47(2) draws the same line from the other side: the correction "não é aplicável aos instrumentos financeiros, salvo quanto às partes de capital".
What this calculator does not do
It does not calculate the tax. After the corrected value there are still the acquisition and sale costs, the improvement costs, the 50% that only residents get on property, and whatever rate applies to you, those live in the property and securities capital-gains calculators. It also does not determine the acquisition value of an asset received for free (Art. 45 IRS Code), which the inherited-property calculator works out before correcting it, nor the exclusion from IRS of property bought before 1989.
Worked example
You bought a flat in July 1995 for 12,000 contos (12,000,000$00 on the deed) and sold it in July 2025. The first step is the currency: 12,000,000 escudos ÷ 200.482 = €59,855.75. The second is the table: a 1995 acquisition carries a coefficient of 1.84, and 30 years have passed, far beyond the 24 months of Art. 50 IRS Code. The corrected acquisition value is €110,134.58, meaning €50,278.83 that will not be taxed as a gain. Now the contrast that measures the commonest mistake: entering the 12,000,000 as if it were euros would give an acquisition cost of €22,080,000, about 200 times the right figure.
Frequently asked questions
What is the monetary devaluation coefficient for 2026?
How do I apply the coefficient to a deed written in escudos?
I bought and sold exactly two years apart. Do I get the correction?
Does the correction apply to shares and to ETFs?
Where is the full official table?
I bought the house before 1989. Does this apply to me?
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Sources
- Portaria n.º 382/2025/1, de 11 de novembro: coeficientes de desvalorização da moeda a aplicar aos bens e direitos alienados durante 2025 (DR, 1.ª série, n.º 218) · Diário da República
- Artigo 50.º do Código do IRS (correção monetária do valor de aquisição; «mais de 24 meses») · Autoridade Tributária e Aduaneira
- Artigo 47.º do Código do IRC (correção monetária; «pelo menos dois anos» e os instrumentos financeiros) · Autoridade Tributária e Aduaneira
- Artigo 10.º do Código do IRS (mais-valias: imóveis na alínea a), partes sociais e outros valores mobiliários na alínea b)) · Autoridade Tributária e Aduaneira
Author: Thorben Rasmus Idel · Reviewed by: Nahar Geva · Last reviewed: