Portugal: business investment incentives starting in March
The rules on business incentives under incentive systems financed by European and structural funds and investment funds (fundos europeus e estruturais e de investimento - FEEI) are currently in force and this regime also applies to projects approved during the programming period before the 2014-2020 period, as well as to all incentive systems for companies within the national territory. With new rules as from March 1st, the creation of the incentives system is dependent on technical advice yet to be drawn by the Committee created for this purpose, chaired by the Minister of Economy.     Read More


New rules for financial products and services advertising
The National Bank of Angola (Banco Nacional de Angola - BNA) established the minimum information requirements mandatorily included, as from January 9th, in financial products and services advertising. This binding document repeals the previous legislation on this subject and applies to financial products and services advertising traded by financial institutions under BNA supervision.     Read More
Fees payable by oil services established
The Government of Angola set the fees and procedures for payment of services provided to private entities. Payment of these fees is mandatory to oil companies operating in Angola, companies providing services in the oil sector, companies connected to processing, storage, transportation, distribution and commercialization of oil derivatives, and also to other entities providing services connected to oil. Read More
Limits imposed to mining costs
The Ministry of Geology and Mining, made as of December 29th mandatory to limit mining costs up to half the exploitation revenues for each annual accounting year.  Included in the exploitation costs are operational costs, investment costs and also mining prospecting, research and assessment costs.       Read More


New requirements concerning electronic filing in IRPJ
An amendment was published in December 2014, onbookkeeping and tax accounting (escrituração contábil fiscal - ECF), which is currently in force. ECF is the new filing requirement for all information concerning the corporate income tax (imposto de renda pessoa jurídica - IRPJ) and social contribution on net profit (contribuição social sobre o lucro líquido cálculo - CSLL), thereby replacing the previous corporate income tax statement (DIPJ)       Read More
Petrobras announced an increase of oil and natural gas reserves in 2014
In 2014, oil production by Petrobras increased 4.1% with regard to the previous year, and the reserves replacement index (proven recoverable volume variation for oil and gas with regard to aggregate output)was 105%. Nonetheless, Petrobras condensed oil and natural gas already proven reached 13.131 billion barrels, which represents a 0.1% raise compared to 2013.   Read More


New rules for architects and engineers
As from July 1st, the binding document establishing new rules for qualification of urban construction and town planning technicians enter into force, thereby partially repealing the previous document on the same subject. The practice of this profession now requires attendance of a mandatory internship and successful completion of an exam.     Read More
Supervision fees for financial and non-financial companies
The Government set the 2014 annual supervision fees, payable by financial and non-financial companies operating in Macao. The amount due differs according to the type of entity: head offices for banks incorporated in Macao and branch offices of Banks with head offices abroad, agencies located in Macao and non-bank credit institution head offices, and its agencies. Read More
Biannual operation fee for offshores’ branches
The Government set the biannual operation fees owed in 2015 by offshore financial institutions operating in Macao. During the current year, the offshore financial institutions’ branches operating in Special Administrative Region of Macao must pay $ 30 000,00. Read More


Telecommunications traffic control regulated
Aiming at telecommunications safety, the telecommunications traffic control regulation was approved. It establishes technical installation and operation rules for traffic control system on telecommunications networks and applies to all operators and telecommunications services operators and providers. Read More
New Major Taxpayers Units
The Ministry of Finance decided it is necessary to create three Major Taxpayers Units, in Maputo, Tete and Cabo Delgado Provinces, in order to ease and improve convenience and speed to meet tax obligations to taxpayers with significant capacity to pay. Read More
Government will invest in Nacala Port
The Government of Mozambique was authorized to invest in the rehabilitation and expansion of the Nacala port. This intervention in the port was allocated to the company Corredor de Desenvolvimento de Norte (CDN), but it became evident the need for the State intervention in order to rehabilitate and expand, which was now approved. Read More


Share capital change and tax losses use
The elements to include in the authorization request for use of tax losses in case of share capital change have been defined. Tax losses assessed in a specific taxation period can be deducted from taxable profits, if any, from one or more of the 12 previous taxation periods. Read More
Green taxes changes autonomous taxation
The new green taxes change several tax aspects concerning Corporate Tax, namely the depreciation maximum rate applicable to wind energy equipment, activities legally included for tax purposes on provisions to face expenses related with environmental damage repair, as well as vehicles maximum depreciation limits acceptable as tax expenditure Read More
Interest and Royalties directive: new forms currently in force
New form templates were recently published to apply for exemption or reduction of withholding tax and partial or full reimbursement of this amount, concerning payment of interests or royalties in societies connected to different Member-States of the European Union and Swiss Federation. Read More

East Timor

Special Development Fund for Oecusse Ambeno
The authority from Special Administrative Region of Oecusse Ambeno took office, and the Special Development Fund was created, to finance implementation of a set of projects and development plans in this Region, and also in the Special Social Market Economy Zone (Zona Especial de Economia Social de Mercado - ZEESM) of Oecusse and Ataúro. Read More
Timorese trade balance negative in December
In December, East Timor registered a trade deficit of USD 115.5 million (€ 99.88 million), with USD 122.82 million (€ 106.2 million) in imports and USD 7.29 million (€ 6.3 million) exports.   Read More

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