DOING BUSINESS IN PORTUGAL A legal and tax perspective This guide provides general information to investors intending to operate in Portugal on legal issues on which they may need advice. It is not intended, and cannot be considered, as a comprehensive and detailed analysis of Portuguese law or, under any circumstances, as legal advice from Cuatrecasas, Gonçalves Pereira. This guide was drafted on the basis of information available as of October, 2015. Cuatrecasas, Gonçalves Pereira is under no obligation and assumes no responsibility to update this information. All rights reserved.
Judgment of the Court of Appeal of Lisbon of 02-06-2015
Interpretation of the intentions of a commercial company – Attribution of communications by members of corporate bodies – Signatures
In 2009, to promote corporate restructuring, the MoF and the SAT jointly released Circular Caishui [2009] No. 59 to grant tax deferral treatment to qualified corporate restructuring transactions (recently modified by Circular 109, mentioned above, which expanded its scope).
In 2010, the SAT released Announcement [2010] No. 4, providing procedural guidelines to benefit from the tax deferral treatment.
NEW REFORM OF THE INSOLVENCY ACT CONTENTS INTRODUCTION 2 AMENDMENTS REGARDING REFINANCING AGREEMENTS 3 - NOTIFICATION OF THE START OF NEGOTIATIONS 3 - REFINANCING AGREEMENTS AND COURT APPROVAL 4 AMENDMENTS REGARDING COMPOSITION AGREEMENTS 4 - CONTENT OF THE COMPOSITION AGREEMENT 4 - QUORUM FOR THE CREATION OF THE CREDITORS’ MEETING AND CALCULATION OF MAJORITIES 5 AMENDMENTS REGARDING LIQUIDATION 5 AMENDMENTS REGARDING THE CLASSIFICATION OF THE INSOLVENCY PROCEEDINGS 6 TELEMATIC COMMUNICATIONS AND PUBLIC INSOLVENCY REGISTRY 7 LEGAL UPDATE I COMMERCIAL AND LITIGATION PRACTICE AREAS June 2015
Nearly four years after its decision in Stern v. Marshall raised new doubts about the place of bankruptcy courts in our legal system, the Supreme Court has finally put those doubts to rest. This week, in Wellness International Network, Ltd. v. Sharif, No. 13-935, the Court held that even for claims that must otherwise be resolved by an Article III court, a bankruptcy court may still adjudicate the matter based on consent.
财政部国家税务总局关于个人非货币性资产投资有关个人所得税政策的通知)
On March 30, 2015, the Ministry of Finance (“MoF”) and the SAT jointly released Caishui [2015] No. 41 (“Circular 41”) to expand nationwide the tax payment installment policy applicable in the Shanghai Free Trade Zone to income derived from non-monetary asset investment made by individuals.
Circular 41 defines non-monetary asset investment and includes the contribution of non-monetary assets to establish a new company, to participate in company capital increase, private placement of stock, stock exchange and corporate restructuring.
(财政部、国家税务总局关于进一步支持企业事业单位改制重组有关契税政策的通知)
Following the State Council’s call to introduce policies promoting corporate restructuring in Guofa [2014] No. 14, MoF and SAT released Caishui [2015] No. 37 (“Circular 37”) to exempt from deed tax the transfer of land use rights and building ownership rights in the following corporate transactions:
The Spanish Insolvency Act has been reformed several times recently to solve technical problems and to facilitate the continuity of economically or operationally viable companies. In the final quarter of 2014 alone, two partial reforms of the act were approved.
Royal Decree-Law 11/2014, of September 5, on urgent measures in insolvency matters
On March 7, 2014, the State Council released its Opinion on Further Optimizing the Market Environment for Corporate Merger and Restructuring (Guo Fa [2014] No. 14, “Circular 14”), to improve the institutional mechanisms and policies that encourage corporate mergers and restructuring. Circular 14 gives overall guidance on special treatments for merger and corporate restructuring transactions with regard to enterprise income tax (“EIT”), land value-added tax, value-added tax and business tax.
The Supreme Court confirmed the lower-court judgments that had rescinded the payments made to the managing director through remuneration, as the bylaw requisite to create the right to receive it had not been met, as well as payments made to shareholders through dividends, differentiating between the resolution of the meeting to distribute dividends and the payment of these dividends.