There are no capital taxes on properties that have not been completed. When a property is sold there is a 15 percent tax on profits regardless of whether the property is completed or not. When a property is completed a private individual will have to pay an ITBI (Impostos de Transmissão Intervivos de Bens) of 2 per cent of the estimated property value. There's also an annual property tax called ITPU (Impostos de Impostos Predial e Teretorial Urbano) and this amounts to 1 percent of the estimated property value. Capital gains on stock sales and capital income is also 15 percent.