Caiado Guerreiro & Associados: Newsletter January 201401/10/2014

LEGAL NEW TAX REGIME FOR EXPATRIATE WORKERS
In order to increase the Portuguese companies’ internationalization, the Government is developing a new special IRS tax regime for expatriate workers, which will enter into force in 2014. This measure set in “The transitional and final provisions” of the State Budget 2014 ( Law number 83-C/2013 of 31st of December) aims by one side to support the Portuguese companies’ conquer of new international markets, and by another side, to guarantee a higher level of tax competitiveness in the internationalization of our economy. The present special IRS tax regime for expatriate workers intends to cover Portuguese executives and workers of national companies displaced abroad, avoiding their tax residence alteration. For any other further information on this matter please contact Ana Castro Gonçalves.

INDUSTRIAL DEVELOPMENT TO GROWTH AND EMPLOYMENT STRATEGY 2014-2020
The Council of Ministers’ Resolution nº 91/2013, approved on the 23rd of December of 2013, has the objective of establishing the Industrial Development to Growth and Employment Strategy 2014-2020, in order to relaunch Portugal in a sustainable growth trajectory, settled in nine lines of priority actuation. To change the Portuguese economy’s structural profile, adopting measures of National and European scope, and increase the degree of openness to the exterior, are necessary conditions to consolidate the process of economic growth. Besides establishing the internal demand, it is also crucial to pursue the politics of financial stabilization, with the objective of counter the European financial fragmentation. Finally, a transparent and stable framework of rules and public policies is necessary to the economic agents’ confidence, in the internal and external plan, and propitiate the investment growth and employment creation. For any other further information on this matter please contact Joaquim Cunha Reis Ferreira.

ANGOLAN GOVERNMENT STUDIES THE REDUCTION OF THE INDUSTRIAL TAX
The industrial tax in Angola may be gradually reduced to 20% until 2017 or 2020, in case of the Government takes in consideration the proposal presented by the Industrial Angolan Association (AIA). Nowadays, the industrial tax is 35%, and it has already been approved by the National Assembly a tax decrease to 30%, with the intention of attracting a larger number of investors, once Angola has, at the moment, one of the highest tax on companies in the African Continent. This new tax regime is drawn by the PERT – Executive Project to the Tax Reform, that has as a role reform the country taxation. For any other further information on this matter please contact Tatiana Cardoso. 

BUSINESS THE CHINESE GROUP FOSUN SHOWED INTEREST IN BUSINESS OPORTUNITIES IN PORTUGAL
In addition of the Caixa Geral de Depósitos group insurance companies’ (Fidelidade, Multicare and Cares), on which the Chinese compete with the north-Americans from Apollo Management International, the Fosun group has showed, during the month of December, particular interest in other areas of investment in Portugal, namely in the areas of tourism and health. “Everybody says to me that Portugal is a safe country and receptive to Chinese investment”, said the vicepresident and executive director (CEO) of the group, Liang Xinjun, in declarations to the Lusa agency. The vice-president stressed the good relations that Portugal had with Macau, with the Government and Chinese people, which makes the Asian investors more comfortable. The Fosun Group is considered one of the largest and more lucrative private consortia, has participations in various companies from different areas, as Chinese or internationals, and recently bought the well-known office tour in New York, the One Chase Manhattan Plaza, for 725 million dollars. For any other further information on this matter please contact Maria Margarida Torres.

POSITIVE SIGNS IN THE PORTUGUESE ECONOMY
A few months from the end of the Readjustment Programme, the Portuguese economy gives the first signs of recovering, which gives good perspectives to the years of 2014 and 2015. In that sense, according to the Eurostat data, in the third trimester of 2013 Portugal presented one of the highest employment growths in the European Union, which represented an increase of around 1,2% in respect to the previous trimester (on which had verified a growth of around 0,8%). Also, the Bank of Portugal, in a recent Economic Bulletin, previewed that in 2014 and 2015 the employment in Portugal grows an average of 0,5% per year. The employment growth will be accompanied with an increment on the exportations that expect to grow more than 5% per year. Added up, the Bank of Portugal predicts an economic growth of 0,8% to 2014, and 1,3% to 2015. For any other further information on this matter please contact Silvia Velho.

ANGOLA INVESTS IN THE TELECOMMUNICATIONS SECTOR AND INCENTIVATES THE FOREIGN INVESTMENT
Angola wants to affirm as a regional potency concerning the Information and Communication Technologies’, having for that established the objective of launching a communication satellite until 2017. In the context of a promoted event by the Portuguese Association to Communication Development, Mr. Aristides Safeca, the Angolan State Secretary of Telecommunications, affirmed that Angola’s objective only be possible if it exists a strong cooperation between the public and private sector, as well as the existence of national and foreign investment, namely to the level of human capitol and of the “support infrastructures”. Also says that at this level there is a strong opportunity to build institutional and business partnerships between Portugal and Angola. For that, the international investors must know the Angolan legislation concerning this matter, with special focus to the “White Book of Information and Communication Technologies’”, the main instrument of strategic conduction of the communication sector in Angola. For any other further information on this matter please contact Ricardo Rodrigues Lopes.