Caiado Guerreiro & Associados: Newsletter June 201306/22/2013

LEGAL

AGREEMENT FOR INFORMATION EXCHANGE BETWEEN THE TAX AUTHORITIES IN PORTUGAL AND SWITZERLAND
The Amending Protocol and its Additional Protocol for the Convention between Portugal and Switzerland to avoid the double taxation regarding the Income and Capital has been already ratified by the Portuguese Parliament. This agreement aims to fight fiscal evasion, and for this reason, includes a clause that will allow the exchange of information between the tax authorities of both countries. As such, if one of this two States requests information, the other State “will use the power it possesses to obtain the requested information, even if this State does not need this information for its own purposes.” Therefore, the Swiss Banks will give the information regarding the bank deposits and financial applications of the Portuguese clients, without the possibility to invoke the bank secrecy. The agreement was approved last May 3rd .
For further information regarding this matter, please contact: Tânia Albuquerque de Almeida

NEW RULES FOR BASE PAYMENT IN THE COMMERCIAL TRANSACTIONS
The Decree-Law nr. 62/2013 of 7th of June, that transposes the European Directive nr.2011/7/CE, establishes new rules for the commercial transactions’ matters, MEANING, operations made between companies (in which it is included the liberal professionals) or between other public companies and entities. This legal text, however, does not include the payments for indemnifications for civil liability, neither the interests regarding payments with checks or bank drafts. Moreover, this Decree-Law is not applicable to contracts entered into before its entering in force. Therefore, regarding the contracts between companies, it is determined that the deadline for the payment must not exceed 60 days, except otherwise agreed and provided that does not constitute manifest abuse towards the creditor. On the other hand, the mentioned legal text forbids the clauses or the commercial practices over the net due date or the payment deadline, the interest rate or the compensation for the recovery costs that are considered manifestly abusive for the creditor, namely when there is no objective reason not to respect the legal interest rate or the payments deadline provided in the legal text.
For further information regarding this matter, please contact: Silvia Velho

NEW LEGAL FRAMEWORK FOR THE COLLECTIVE INVESTMENT SCHEMES
On May 10th, was published the Decree-Law nr. 63-A/2013 that approves the New Framework for the Collective Investment Schemes, transposing to the Portuguese legal system, among others, the Directive OICVM, which also implies amendments to the General Framework for the Credit Institutions and Financial Corporations (GFCIFC) and to the Portuguese Securities Market Code. Among several amendments, it should be highlighted the modifications raising the concept of the Collective Investment Schemes and its classification, as well as on the concept of obtaining capital before the public, which differs if it is a scheme for collective, open, closed or alternative investment. The referred Framework also modifies the definition of commercialization, since it currently covers the qualified investors and, also, proceeds to the revision of the initial required amount to the investment companies, being closer to the European Union Framework. The General Framework for the Credit Institutions and Financial Corporations establishes some amendments in order to prevent the conflicts of interests and to promote the competitive market, developing the rules related to the supervision of this Schemes activity, the cooperation between the respective competent authorities, as well as the list of the matters that, in the scope of this GFCIFC, the Securities Portuguese Commission has regulatory power. The GFCIFC has a vacatio legis of 120 days, entering into force on the 7th of September of 2013.
For further information regarding this matter, please contact: Ricardo Costa Macedo


BUSINESS

NEW CORPORATION TAX FRAMEWORK STIMULATES INVESTIMENT
A new governmental measure aims to increase the private investment, namely for the small and medium-sizes companies, in order to stimulate Portuguese economy. As such, the companies that invest in Portugal in the last semester of 2013 will have the possibility to deduct 20% of the total amount invested, up to the limit of 70% of the annual taxation of the company. It should be added that with this measure, a reduction of the effective tax corporation up to 7,5% may occur. With this tax benefit, the Portuguese Government aims for not only an increase of the investment as well as a decrease of the unemployment rate, mainly among young people, showing a change in its growth strategy.
For further information regarding this matter, please contact: Joaquim Cunha Reis Ferreira

CAIADO GUERREIRO PARTICIPATES ON THE 2ND PARIS REAL STATE AND TOURISM LOUNGE
Caiado Guerreiro has participated in the end of May in the 2nd Paris Real State and Tourism Lounge. Caiado Guerreiro gave several speeches during the event regarding the following themes: “The tax framework of the non-residents: The gold opportunity in Portugal”; “The opportunity and the challenges of the tax framework of the funds for real state investment in Portugal” and “The taxation of the real state: Hoe to invest in the Portuguese real state in a tax efficient manner”.
For further information regarding this matter, please contact: Rui Carlos Sacramento

CAIADO GUERREIRO OPENS OFFICES IN OPRTO AND ALGARVE
Caiado Guerreiro opened two offices, one in Oporto and other in Algarve “to be closer to its clients, since its clients feel this need. With the opening of the Oporto’s office the firm aims to move closer to some clients, specially the ones from the industrial area who own factories in Oporto or in the North of Oporto, which may lead to a bigger client portfolio. On the other hand, the office in Faro, Algarve, aims essentially to come closer to foreign residents whose number we believe that may grow with the “Golden Visa” that allows a residence permit for one year renewable for successive periods of two years to foreign non-European investors, provided they meet the needed requirements for investing in Portugal.
For further information regarding this matter, please contact: Marta Paiva