AVM

NEWSLETTER
DECEMBER 2014

Angola: amendments in Excise Tax Regulation
The Excise Tax Regulation, which entered into force on November 20th, was recently republished, primarily aiming at ensuring a deeper clarification concerning the definition of taxpayer, settlement and payment obligations, as well as proper identification of the individual responsible for it.  Read More

Angola

Angola: excise tax with special regime for oil operations
The Excise Tax Regulation, which entered into force on November 20th, was recently republished, and a regime applicable to the oil sector specifics was created. Read More
Customs cooperate with Democratic Republic of Congo
The National Customs Service signed a memorandum of cooperation and mutual administrative support with the Customs and Tax General Directorate of the Democratic Republic of Congo. Read More
Angolan debt and stock market now operational
The Angolan debt and stock market  - Bolsa de Dívida e Valores de Angola - commenced trading, in an initial phase, public debt and records of operations outside the financial centre, that is, commenced Treasury Bonds trading and registration.  Read More

Brazil

Brazil: new deadline for bookkeeping and tax accounting delivery
Bookkeeping and tax accounting delivery deadline was changed and the new closing date shall be the last working calendar day of September following the one the bookkeeping referred to. Read More
Brasil: maximum income taxable percentage changed
The Brazilian Minister of Finance recently changed the maximum income taxable percentage in the concept of country with favored taxation (tax haven) and privileged tax regime with a reduction from 20% to 17%.  Read More
Brazil: leasing by oil and natural gas industry
Brazilian tax laws limiting the 0% rate of withholding tax applied to some lease types carried out by oil and natural gas industry. Read More

Macao

Macao joins North-American FATCA
Macao and the United Estates closed negotiations concerning execution of an intergovernmental agreement, aiming to promote among financial institutions operating in Macao the meeting of requirements established by «Foreign Account Tax Compliance Act» (FATCA) . Read More
Macao: 6.06% inflation rate in November
Overall average Consumer Price Index (CPI) for the 12 months period that ended in November, compared to the previous 12 months period, rose by 6.06%, with significant increases in the housing and fuel - 11.86% raise; food and soft drinks - 6.77% raise - price indexes. However, the communications section price index fell 0.45%.  Read More

Mozambique

Mozambique: measures against money laundering regulated
Financial institutions and non-financial entities should adopt procedures to prevent and punish usage of the financial system for money laundering, terrorism and associated crimes financing according to the new rules in force as from November 28th. Read More
Mozambique: bio-safety rules on GMOs management published
To protect human health, the environment and biologic diversity, the Government approved the bio-safety regulation concerning genetically modified organisms (GMO) management, which entered into force in December 13th. Read More
Mozambique Bank keeps interest rate
The Bank of Mozambique met in December 12th to consider the monetary policy document, and decided to keep at 7.5% the interest rate of the Marginal Lending Facility, at 1.5% the interest rate of the Deposit Facility, and at 8% the coefficient of Minimum Reserves. Read More

Portugal

Portugal: changes in urban leasing in 2015
As of January 18th new rules in housing and commercial leasing enter into force. The new regime applies to contracts transition procedures under urban leasing yet to be concluded at the date of entry into force of this binding document. Read More
Portugal: communication of inventories of stocks
The Customs and Tax Authority (Autoridade Tributária e Aduaneira - AT) has just made available at its portal the file format (text or html) for inventories of stocks communication.   Read More
Exports by non-residents in Portugal
The Tax Administration (Administração Tributária - AT) explained the legal framework of goods sale operations by VAT taxpayers in Portugal to non-residents or entities without an establishment in Portugal.   Read More

Timor

East-timor 2015 budget
The National Parliament approved in general terms the 2015 Draft Budget Bill. This Budget will amount to USD 1,57 billion, a raise under 5% as compared to the amount allocated in 2014. East-Timor Strategic Development Plan will continue guiding expenditure with a expenditure anticipation policy concerning priority projects that will irreversibly contribute in medium and long term to economic growth.   Read More

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