AVM

NEWSLETTER
FEBRUARY 2015

Portugal: Golden visa require investment in new areas
The residence permit authorization system will be expanded to new areas of investment that will allow to take up residence in Portugal. According to the general lines disclosed by the Vice-Prime Minister, promoter of the primary version of what would become known as Golden Visa, the new residence permit version granted based in investments executed in Portugal is open to investment in science, culture and urban rehabilitation, besides real estate. Read More

Angola

BNA defines rules for foreign currency and traveler checks import and export
The National Bank of Angola (BNA) restricted import, export and re-export of foreign currency and traveler checks to banking financial institutions, that henceforward, are allowed to import, export and re-export without previous authorization from the BNA.  Read More
Angola approves special contribution proposal on amending budget
The wording of the amending budget approved by the Parliamentcon the 25th, anticipates the creation of a Special Contribution on current invisibles exchange operations, with a rate beetween 15% and 20%, and highlights the reference price for oil barrel, which drops to 40 dollars. Read More
Angola restructures courts
As from March 1st, the new rules on ordinary courts organisation and operation enter into force, but a full enforcement of this regime is pending definition in specific diploma of rules. During the trial period the District Courts of Luanda, Bengo, Cuanza - Norte, Benguela, and Huíla provinces are established. Read More

Brazil

New tax package presented in Brazil
A set of tax legislative measures with the purpose of raising the revenue and reduce tax expense was recently approved. Among the disclosed measures are PIS/Cofins raise in imported goods, a raise in the Tax on Financial Transactions, and cosmetic products distributors shall be deemed manufacturers for the purpose of enforcement of the Tax on Manufactured Products.  Read More
Brazil: compensation of Social Security Contribution on Gross Revenue
Amendments have been made to standards on return, compensation of taxes administered by RFB, as well as return and compensation of other Union revenues collected through Inland Revenue Collection Document or Social Security Collection Form, among others. Its now possible to compensate Social Security Contribution on Gross Revenue (CPRB) debits with INSS credits on payroll.  Read More

Macao

Brazil leads trade between China and Portuguese speaking countries
Commerce between China and Portuguese speaking countries reached in 2014 132.58 billion dollars. This is the result of imports into China amounting to 86.43 billion dollars and Chinese exports into the Portuguese speaking eight countries amounting to 46.14 billion dollars. Brazil and Angola, together, were responsible for 123.97 billion dollars, or 93% of the total. Read More
Macao: deadline to submit income statement extended
1st Group taxpayers, with income originated from more than one paying entity, and 2nd group taxpayers, without organized accounting, may submit the corresponding 2014 income statement until the next March 31st. This income statement is submitted once every year through completion and delivery of form M/5 at the Tax Office Treasury of Macao. Read More

Mozambique

Mozambique: cash registers and exemption from the invoicing obligation
On June 29th the new rules on cash registers usage by VAT taxpayers exempt from invoicing obligation enter into force. Upon entry into force, this diploma requires the use of tax devices with the transfer of goods or services provision effected by the taxpayers.  Read More
Mozambique imposes information on electronic payment products and services
The Bank of Mozambique (BM) established the provision procedures for electronic payment products and services to be complied by credit institutions, financial societies and service providers operating within the national territory have to comply with since january 1st. Read More
Mozambique changes Competition Regulatory Authority financing
The Competition Regulatory Authority financing was amended by a diploma which entered into force in December 31st 2014, and that defined the ARC revenues, it's income of the equivalent to 5% on the fees collected by the some regulatory authorities, and it's expenditures. Read More

Portugal

Portugal: businesses rescue system now requires businesses assessment
The Extra-judicial Business Rescue System's new rules shall be effective as from March 2nd, and access to SIREVE shall now be more restricted and the interested company must have its economic and financial situation assessed beforehand by the Agency for Competitiveness and Innovation (IAPMEI).  Read More
Portugal: new regime of collective investment schemes in March
The new general regime of collective investment schemes was published and some changes were also inserted to the General Regime of Credit Institutions and to the Securities Code. The new rules will enter into force as from March 26th. Read More
Portugal: swap is a valid, legitimate and legal agreement
In a recent ruling, the Portuguese Supreme Court of Justice decided that the interest rate swap agreement is not against the law. This decision run counter another STJ ruling, rendered in January, that consided those swap agreements void due to offence against public order. Read More

East Timor

Timor: National Land Register System launched
The Secretariat of State for Land and Property, represented by the National Land, Property and Cadastral Services Director, Mr. Romão Guterres, launched the program National Land Register System in Aileu municipality. This was one of the first activities executed by the recently empowered 6th Constitutional Government. The SNC program was already implemented in six municipalities: Díli, Liquiçá, Manatuto, Lospalos, Oe-Cusse Ambeno, and Suai. Read More

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