The Legal 500

Last June 5 was published Decree-Law No. 136-A/2009 that reduced the term of the guarantee that the taxpayers have to grant to the Tax Authorities when requesting VAT refunds, from one year to six months.

On February 2, 2008, decree-law no 363/2007 came into force and the production of energy in Portugal entered a new era. The principle behind the new law is to save energy, reduce costs and protect the environment. Indeed, consumers are now allowed to produce electricity themselves through small power plants, ie not exceeding 5.75 kW, and sell the surplus to the public network with a limit of 150 kW.

It is expected 2009 to be the year that the Ministry of Commerce of the People’s Republic of China will offer foreign investors new (and interesting) enterprise structure possibilities in China mainland.

INFORMATION DUTIES IN THE COMMERCIALISATION ON INDEXED AND DUAL DEPOSITS, COMPLEX FINANCIAL PRODUCTS

2007 demonstrated Portuguese shareholders’ opposition to hostile bids. Two major hostile public takeovers were announced in 2006, which involved four of the most important groups of Portuguese companies (that is, the general public bid announced by Sonae Group for the acquisition of shares issued by Portugal Telecom and the general public bid announced by Banco Comercial Português for the acquisition of shares issued by Banco BPI). Both failed by a large percentage.

Iberian lawyers in Brussels question the willingness of the European Commissions to be flexible in the face of the continuing financial crisis.

On 1 January 2009, the National Energy Certification and Quality of Air in Buildings System (SCE), as set out in Ministerial Order 4661/2007, of 5 June (the .MO.), came fully into force. This means that nearly all the properties that have already been built or those that will be built in the future in Portugal are or will come under this system.

Portugal is the western most country of mainland Europe and is bordered by the Atlantic Ocean to the west and south and by Spain to the north and east and also encompasses two autonomous Atlantic regions, notably the Azores and Madeira archipelagos. Portugal has an area of 92,090 km2 and 10,676,910 inhabitants (2008 estimate). It is a founding member of the OECD and NATO and is member of the European Union since 1986.

Poland has an area of 322,575 km² and 38 million inhabitants. It is a member of the OECD and NATO and since 2004 has been a member of the European Union. The 20th anniversary of the 1989 political transformation and the adoption of a market economy is approaching. During these 20 years and especially since its accession to the European Union, Poland has seen dynamic development economically, socially and politically, confirming it as one of the most important economies in Central Europe.

The new forms for reducing the amount of corporate income (IRC) tax to be withheld (MOD. 01-DJR) and for the partial refund of IRC (MOD. 02-DJR) withheld on the payment of interest and royalties between associate companies from different European Union Member- States under the Interest and Royalties Directive were approved in February. The directive, which had already been transposed into national law, set up a tax regime for interest and royalties payments, guaranteeing equal tax treatment for national and cross-border transactions and eliminating double taxation by abolishing taxes on interest and royalty payments in the Member-State from which they derive, and having these taxed solely in the Member-State of residence of the actual beneficiary.

The EC Treaty enshrines several economic freedoms: free movement of workers, capital and services and freedom of establishment safeguarded by a prohibition on discrimination which, over the years, has shown huge potential for calling into question various Member-State tax provisions in the field of direct taxation.