Law on Tax Incentives in Equatorial Guinea
On 7 July 2020, the Parliament passed Law 1/2020, setting forth tax incentive-related measures applicable to all taxpayers, resident and non-resident individuals and companies with tax debts towards the State of Equatorial Guinea.
Amendments to the Personal Income Tax Code in Angola
Law no. 28/2020, of 22nd July, 2020, approved several amendments to the Personal Income Tax (“PIT”) Code.
Reporting of cross-border transactions (DAC 6) – Portuguese legal framework in force
Last week Law No. 26/2020, of 21 July (Law 26/2020) was finally published, transposing into Portuguese legislation Council Directive (EU) 2018/822, of 25 May 2018 (DAC 6). DAC 6 foresees new mandatory disclosure rules regarding certain cross-border mechanisms based on objective characteristics (hallmarks).
Angola – Amendments to the industrial tax CODE
Law no. 26/2020, of 20th July, 2020, approved several amendments to the Industrial Tax Code, which have a huge impact not only on the Angolan resident companies, but also on all foreign entities providing services to Angolan clients.
P2B REGULATION
On 12 of July, an important regulation which sets new rules in the context of e-commerce entered into force: the Regulation on Promoting Fairness and Transparency for Business Users of Online Intermediation Services (Regulation (EU) 2019/1150 of the European Parliament and of the Council of 20 June 2019) (“P2B Regulation”). The main objective of the P2B …
Court of Justice of the European Union invalidates UE-US Privacy Shield (Schrems II case)
On 16 July 2020, the Court of Justice of the European Union (CJEU) issued a landmark ruling on the Schrems II case (Case C-362/14). As expected, CJEU decided on the invalidity of the EU-US Privacy Shield, one of the mechanisms used by organisations to transfer personal data to the USA. In its judgment, the CJEU also noted …
European Parliament’s Think Tank – Study on the impact of the GDRP on artificial intelligence
On the 25 June, the European Parliament’s Think Tank published a new studyon the impact of the GDRP on artificial intelligence (AI). The study was prepared at the request of the Panel for the Future of Science and Technology (STOA) and managed by the Scientific Foresight Unit, within the Directorate-General for Parliamentary Research Services (EPRS) of …
Angola – Investment One-Stop Shop in Angola
The Investment One-Stop Shop (“OSS”) was recently set up in Angola through Presidential Decree 167/20, of 15 June 2020. The Executive Branch wanted to afford private investors easy and priority access to Public Administration services and concentrate those services to streamline and speed up the procedures required to implement investment projects and any investments subject …
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Equatorial Guinea – Automated System for Customs Data
The Automated System for Customs Data (ASYCUDA) has been adopted in Equatorial Guinea by means of Order No. 11/2020, of 30 April 2020, of the Minister of Finance, Economy and Planning.
Timor-Leste – Decree-Law on Onshore Petroleum Operations (May 2020)
The long-awaited regulations on Onshore Petroleum Operations has been approved by the Decree-Law 18/2020, of 13 May 2020 (“Onshore Regulations”).