AVM

NEWSLETTER
OCTOBER 2014

Mozambique has new taxation regime for oil sector activities as of 2015
As of January 1st, whoever pursues activities in the oil sector shall have to pay taxes on Oil Production (Produção do Petróleo - IPP) and observe the rules on Corporate Tax Code (Rendimento das Pessoas Colectivas -IRPC). This diploma was recently published in the official gazette and repeals the former diplomas providing on the same subject. It anticipates oil activities taxation, as well as tax exemption in special situations, and it is still to be regulated until December 22nd. In January 1st, all entities pursuing oil operations under a valid contract, closed under the terms of the former legislation, must observe the tax obligations laid down in the contract. However, up to March 2nd, they can request the implementation of the new rules. Notwithstanding, the new provisions apply as from the new fiscal year. Read More

Angola

New prices for oil derivatives products
The Government adjusted the fuel prices. Sonangol Distribuidora is now authorized to update the oil derivatives prices as from September 27th. Excluding the impact of Light Fuel and Heavy fuel prices adjustment,  Read More
Central banks of Angola and Namibia sign agreement
The central banks of Angola and Namibia signed a bilateral agreement on currency conversion aiming at easing and improve safety of commercial transactions between both Read More
New copyright law now in force
The new Angolan copyright law entered into force last August 30th and thereby protects the rights of singers, musicians, producers and broadcasting bodies, as well as the creators’ rights under the new information and  Read More

Brazil

Pre-salt production grows 11% in August
According to the National agency for Oil, Natural Gas and Biofuels, the total production exceeded 600 Mboe/d and the oil production exceeded 500 thousand bbl/dd in pre-salt for the first time in Brazil. Then oil and natural gas production in August achieved 2.89 million equivalent oil barrels (EOB) day, with 2.326 million oil barrels day and 90.9 million cubic metres of natural gas. This is the largest registered volume, Read More
Support for Angolan PMEs import of Brazilian products
The Brazilian Minister of Finance, Mr. Guido Mantega, and the Angolan ambassador in Brazil, Mr. Nelson Cosme, signed a financing Protocol on Brazilian goods and services import by micro, small and medium Angolan companies. The understanding protocol on export financing looks at guarantees and cross-guarantees and shall make possible to raise goods Read More

Macao

Macao will start automatic tax information exchange
The Government of the Macao Special Administrative Region (Região Administrativa Especial de Macau - RAEM) announced the initiation of changes in the internal proceedings to apply new international standards towards automatic tax information exchange. Contrary to the current information exchange practice, by request of other tax jurisdictions, the new standards basically refer to the Foreign Account  Read More
Casino gaming revenue in Macao drop in September
Casino gross gaming revenue in Macao dropped 11.7% in September, year on year, to 25 564 million pataca (USD 3195 million), this has been happening fot the fourth month running. According to data disclosed by the Gaming Inspection and Coordination Bureau, following June and July, when the YoY drop was 3.7% and 3.6% respectively, the revenues downward trend accelerated and fell to under 6.1% in August Read More

Mozambique

Mozambique launches new oil blocks concession tender
The government of Mozambique shall launch in October 23rd a call for tenders for concession of 15 new oil research and production blocks in an area covering 76 800 square kilometers. Read More
New rules for fuel supply contracts
The Ministry of Energy approved an exploration contract template for fuel stations and fuel supply operation closed between the distributor - including Fuel Stations owners - and the retail seller, and this template is in force as from August 28th. The exploration contracts do fuel stations operation and fuel supply in force in August 28th must comply with the new rules until October 27th. This diploma does not apply to fuel supply under the geographic incentive program, this will be regulated by a special diploma. Read More

Portugal

Portugal relaunches investment fund for Mozambican companies
The Enterprise Fund for Portuguese Cooperation (Fundo Empresarial da Cooperação Portuguesa - FECOP), was created and started t operate in October 9th 2014 during a signature ceremony  Read More
New minimum wage set until end of 2015
The new amount for the minim minimum monthly retribution guaranteed (retribuição mínima mensal garantida - RMMG), formerly the national minimum wage, entered into force in October 1st and now equals € 505, instead of  Read More
New Investment Tax Code proposed by the Portuguese Government
A new Investment Tax Code was approved in the Council of Ministers as well as the revision of productive investment tax benefits regimes and its regulation. These changes were originated by  Read More

Timor

East-Timor Central Bank authorizes mobile phone banking operations
East-Timor Central Bank announced it authorized BNU Timor, owned by the Portuguese state group Caixa Geral de Depósitos, to initiate an experimental program which allows to execute  Read More
East Timor Government approves 2015 draft budget
The 2015 Draft Budget (Proposta de Lei do Orçamento Geral do Estado - OGE) was recently approved by the Timorese Government and comprehends all revenues and expenses of East-Timor between Read More
East-Timor establishes the Bamboo institute
The Government of East-Timor has transformed the Bamboo Centre into the Institute for Research, Development, Training and Promotion of Bamboo, as part of a project for economic diversification and development of natural Read More

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