AVM

NEWSLETTER
MARCH/APRIL 2015

Angola: transfer of profits and dividends to foreign countries
The National Bank of Angola established the procedure to be followed for transferring  profits or dividends abroad to which foreign investors are entitled. This procedure, in force since the end of 2014, is applied to all transfers of profits and dividends to foreign countries, except for countries regulated by their own legislation. In the cases in which the global annual value by profit management entities is greater than Kz 500.000.000 (roughly EUR 4176929,93 euros or USD 4417180,81), the transfer of profits or dividends for foreign countries depends on the authorization from BNA as well as on several documents to be attached thereto. Read More

Angola

Angola announces simplification of private investment
Angolan government has recently announced that the decision process for private investment in Angola is going to be faster and that the repatriation of capital, profits and dividends will also be more effective.   Read More
Angola changes rules for second-hand car import
It is now possible to import second-hand passenger vehicles, with a maximum of three years of use, and heavy vehicles, with a maximum of eight years of use. Collection cars can also be imported, as well as one vehicle per student, diplomat or worker that returns to Angola. Read More
Angolan government approves measures to tackle the economic situation
The government adopted measures of economic nature to tackle the current economic situation, that already entered in force.The measures in question includes those related to monetary, foreign exchange and tax issues and  structural measures. Read More

Brazil

Petrobras signs an agreement with the China Development Bank
The Brazilian state owned oil company, Petrobras, signed a financing agreement with the China Development Bank on Wednesday in the amount of USD 3,5 thousand million. This contract is included in a co-operation agreement between the two companies and its going to be implemented during 2015 and 2016 Read More
eSocial Regulation
The regulation of eSocial - Digital Bookkeeping System of Tax, Social Security and Labour  Obligations -, which aims at unifying tax, social security and labour information by standardising their transmission, validation, storage and distribution, is already in force. The new version of the eSocialHandbook for Orientation version 2.0 is now available.  Read More

Macao

Macao and Angola strengthen tourism cooperation
Macao and Angola recently signed a memorandum of understanding for tourism cooperation purposes. They will promote cooperation and partnerships between small and medium-sized companies of the sector, support the organisation of promotional visits for operators, travel agents and hotel staff, create an incentive scheme for the promotion of the tourism industry and promote training activities for technical bodies, among other measures. Read More
Macao approves review of the budget for 2015
Macau’s Legislative Assembly unanimously approved the amending budget proposal, which previews a cut of 27,3% in revenues to be collected with the gambling excise duty. The Government estimates to dovetail 84,000 million patacas by charging the gambling excise duty, against the 115,500 million patacas included in the budget approved last November. Read More

Mozambique

Mozambique increases the minimum wage
The Government of Mozambique approved the increase of the national minimum wage and the new tariff entered into force on 1st of April. Considering that the country has several minimum wages, in accordance with the activity sector, the increase announced range between 4% to 13,5%. Read More
Mozambique sets ups rules for managing hazardous waste
New rules for production and management of hazardous waste in national territory entered in force in late March, applicable to all people and companies involved in such activity. This regime defines general prohibitions, and legal obligations applicable to those involved in the process. Read More

Portugal

Tax Authority clarifies company groups taxation
Tax and Customs Portuguese Authority informed of its understanding about the main features of special taxation regime for company, to dispel possible interpretation doubts arising from the significant changes this regime has been through recently. Read More
Authorisation for large commercial areas and commercial complexes
New parameters and methodologies to determine the value of projects in the jointly authorization of large commercial areas not included in commercial complexes and of commercial complexes with a gross lettable area equivalent to or greater than 8000 square meters were defined.  Read More
Negative EURIBOR rates and loan agreements with companies
Bank of Portugal warned the credit institutions to comply with the guidelines on the application of loan agreements and EURIBOR interest rates if this index assumes negative values.   Read More

East Timor

2015 Amended General State Budget approved
The National Parliament of Timor approved the Amended General State Budget (OGE) for the year 2015 during the final overall vote. The Draft Law of the new Government, which maintains unchanged the total estimated expenditure for this year (USD 1,570,000 million), reflects the new organisational structure of the VI Constitutional Government. The Government has now 55 members instead of 77.     Read More

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