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Angola

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With a third of Angola’s GDP and nearly all its exports depending on oil, the country was hit hard by volatile crude prices. After GDP growth averaged at around 10% between 2004 and 2014, it has declined strongly while inflation is on the rise at 27% in August 2017.

At the same time, the country saw its first change of president in 38 years, though of the same party. Diversifying the commodity-dependent economy is one of the government’s most important challenges, together with improving the country’s infrastructure, living conditions and public financial management system.

In this context, lawyers are particularly busy with ongoing projects. Litigation, bankruptcies and labour matters are in particularly high demand. Local lawyers frequently cooperate closely with foreign law firms, including sending young lawyers abroad to work in larger international firms.

Portuguese firms are particularly prevalent on the market, due to the countries’ shared history, language and legal system. Outside of Portugal, Brazilian firm Tauil & Chequer Advogados in association with Mayer Brown and Clifford Chance, which has an Angolan desk in its Amsterdam office, are also active in the market.

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    The Bundesarbeitsgericht (BAG), Germany’s Federal Labour Court, confirmed in a recent ruling that employers can claw back collectively agreed bonus payments from employees under certain circumstances.
  • Stricter supervision in relation to the Scheme for Naturalisation of Investors in Cyprus by Exceptio

    Recently there were a lot of publications within the European Union expressing concerns about the allegedly very high number of Cypriot passports being given to foreign investors the last few years. The Council of Ministers has decided on 9th January 2018 with the decision with number 84.069, to impose a stricter supervision of all the parties involved in the Scheme for the naturalisation of non-Cypriot investors in Cyprus by exception.
  • 19% VAT on Plots

    In order to harmonize the  Acquis Communautaire on the Taxation of untapped and undeveloped plots of land, the Cyprus Government enacted, on 03/11/2017, relevant legislation for the imposition of 19% Value Added Tax (VAT) on these properties, with a date of enforcement being 02/01/2018. The relevant legislation refers to plots/pieces of land offered and/or provided for construction for economic purposes.

Press Releases worldwide

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