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Newsletter May 2010
Latest legal developments in Portugal.
EDP AND REPSOL JOIN EFFORTS FOR THE SUPPLY OF ELECTRIC VEHICLES
EDP is developing a project jointly with Repsol, in order to implement a network of posts exclusively set for the supply of electric cars. Said initiative represents a direct consequence of the National Network for Electric Mobility which began in 2009 and an investment of one thousand million euros is estimated. Therefore, by the end of 2011 Portugal should already be able to rely on approximately 1350 supply posts. Although initially confined to 25 cities, the use of these posts shall in a short term become broader, covering parking lots, streets, service stations, as well as shopping centres.
For further information on this matter please contact Ricardo Costa Macedo.
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LISBON: BEST EUROPEAN DESTINATION FOR 2010
The Association of European Consumers has for the first time elected the Best European Destination taking into account criteria such as the quality of life, the existing infrastructures, as well as the cultural and tourist offer of the city. The city of Lisbon was chosen following the voting procedures which were based on a list of 10 pre-selected European cities and carried out between December 2009 and January 2010. As a result of the aforementioned, the tourist sector of the country has met a significant boost and the demand for the Portuguese capital registered immediately an increase when compared to the same period of last year.
For further information on this matter please contact Ricardo Rodrigues Lopes.
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COST AND BUREAUCRACY FREE SERVICE AVAILABLE ON THE FINANCIAL PORTAL
Regarding the Plan for Quality of the Service provided to the Taxpayer, the Ministry of Finance has taken one more step towards debureaucratization by making available a new online service which allows the immediate request and issue of Debt and Non-debt certificates. For said purpose each taxpayer is now provided with a password which entitles him to access the Financial Portal. Besides being free of cost this service shall also be quicker and more efficient due to the fact that the certificate, after being issued is secured by a validation code and may be consulted and verified by all interested parties.
For further information on this matter please contact Tânia Albuquerque de Almeida.
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AMBITIOUS POLICIES ON THE SGP
On the 22nd of April, the Government approved throughout its Council of Ministers a group of measures within the Stability and Growth Pact (SGP). The application of such measures is not only expected to contribute to the correct enforcement of the Budget determined for the current year, but also to be able to reduce the deficit to 3% until 2013. The first measure should be the taxation in 20% of the capital gains on the stock market, followed by a policy which is set to establish tolls in the highways which were previously user free, as of the 1st of July. Finally, the third measure would be the creation of an income tax rate of 45% for those who earn over 150 thousand euros. The European Commission has shown its satisfaction towards the latest efforts carried out by Portugal since the same seem to be adequate to the present social and economic reality of the country.
For further information on this matter please contact Sara Galvão Soares.
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IMF'S PROPOSAL FOR THE CREATION OF TWO NEW TAXES
Following the request for a case study made by the Presidents of the member states belonging to the G20, the International Monetary Fund (IMF) has proposed the creation of two global taxes over the financial sector. The first measure is designated "Financial Stability Contribution" and it would initially be paid at a flat rate and in equal terms by the financial institutions. However, at a further stage it should be redefined and increased in accordance with the risk assumed by each of those institutions. On the other hand, the second tax, named "Rate over the Financial Activities" should fall over the expenses and subsidies paid to the banks, as well as profits. The main goal for the stipulation of these taxes is to avoid future bail-outs that would lead to a new financial crisis. Notwithstanding the above mentioned, the Institute of International Finance (IIF), the global association of financial institutions, has already expressed its oppos! ition to said proposal and as a result of the same, IMF is now expected to present its final report on the matter next June within the G20 leaders meeting.
For further information on this matter please contact Tânia Pinheiro.
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NEW COURTS FOR INTELLECTUAL PROPERTY AND COMPETITION MATTERS
On the 22nd of April it was approved a legislative proposal which opens a pathway to the creation of two new courts of specialized competence, one of which regarding Intellectual Property and the other concerning Competition, Regulation and Supervision. As a result of the above mentioned some diplomas shall be amended, notably the Law on Organization and Operation of Judicial Courts, the Code of Industrial Property and the General Regime of Credit Institutions and Financial Corporations. Said proposal, besides being innovative in the sense that it allows the autonomous treatment of such matters, shall also lead to the reduction of the procedural load associated to certain courts, namely the Court of Commerce to which it was up until the present time granted competence for the handling of issues of this nature.
For further information on this matter please contact Ricardo Costa Macedo.
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NEW LAW REGARDING BIOFUELS IN ANGOLA
It has been approved the first legislative proposal regarding biofuels in Angola. Said law establishes the strategy for the production of such materials in order to comply with the energetic needs of the country and promote environmental protection. The investment on renewable energies is set to attract the population to the rural areas, as well as create job positions in the least developed poles where new industries should be incorporated. It is foreseen that this new legislative measure shall relaunch the agricultural production and is regarded as an important step by once again reflecting this country's clear openness to foreign direct investment.
For further information on this matter please contact Jorge Ribeiro Mendonça.