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.

2009 focus and aims

CORPORATE GOVERNANCE IN PRACTICE

ACQUIRING REGULATED BUSINESSES: MERGERS AND ACQUISITIONS AND COMPETITION LAW PERSPECTIVES

Exercising Stock Options…....1 Summary of recently enacted Legislation……………………3 Case Law ……………………..6 News in brief………………... 9

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Are put and call options expressly regulated in your legal system or do they fall under general contract law?

The expansion of the oil and gas industry in Equatorial Guinea ("EG") has caused a significant increase in immigration, not just of qualified workers, but also of a substantial number of unskilled , and often illegal, immigrants, especially from the neighbour countries.

Despite a few setbacks on the way and the protracted discussions, the congress has finally approved Law 12.351/2010, of 22 December 2010, thereby replacing the old oil concession inplace in Brazil by a new set of contractual standards.

A New Building Permits Legal Regime was recently enacted in Cape Werde by way of Decree-Law 19/2011, of 28 February 2011.

As in past years, the 2011 Budget of the Macao Special Administrative Region (OR/2011) provided for various Tax exemptions, including for industrial tax and stamp duty, and deductions for professional tax (on work related income), urban property tax and complimentary income (on industrial and commercial income).