Angola: new Special Contribution on Banking Operations The 2016 State General Budget created a Special Contribution on Banking Operations. These operations will de taxed at 0,10%. The legislator considers that banking operations are all acts of economic nature performed by banking and non-banking financial institutions for intermediation in repayable funds collection, credit granting and service provision on securities or derivatives, payment, securities custody and exchange, and other operations. It excludes wages payment, as well as those payments exclusively personal and similar.

Angola

New rules for investment advice and financial analysis Capital Market Commission defined the applicable rules to registration, codes of conduct and ways to develop the activities of investment advice and financial analysis

Angola exchanges financial information with USA Angola and the USA have signed a bilateral agreement in the ambit of the Foreign Account Tax Compliance Act (FACTA), which combats tax evasion of the North American taxable persons who hold financial assets from financial institutions located out of that territory

Share capital for non-banking entities connected to capital market Capital Market Commission set the minimum limit for non-banking financial institutions connected to capital market and investment

Brazil

Incentive Programme to the petroleum and gas sector A recently published diploma introduces the Incentive Programme to Competition in the Production Chain, to Development and to the Improvement of Suppliers of the Petroleum and Natural Gas Sector (Pedefor)

Development, scientific research and innovation with new incentives Government approves new incentive measures to innovation and to the scientific and technological research in the productive environment, aiming at the technological  capacity within the reach of technological autonomy and development of the national and regional productive system of the country

Macao

Fees due by offshore financing branches and subsidiaries Government defines the biannual fees to be paid during the first six months of 2016 by branch and by subsidiary of "offshore" financial institutions operating in the Macao

Inflation in 2015 was fixed in 4,56% According to official data recently released, the inflation rate in Macau in 2015 was 4,56%, the lowest since 2010

Mozambique

Taxation and tax benefits of petroleum operations Procedures defined for the application of the specific regime of taxation and tax benefits of petroleum operations, which established that developers of petroleum activities have to pay IPP and Corporate Income Tax (IRPC). Read More

Mozambique limits payments with international credit card Payments made to foreign countries by means of an international credit card are being limited as of 1st January 2016, and to the equivalent to 700.000,00 MT per year Read More

Rules on driving and rest for professional drivers As off March, the new regime setting the standards on periods of driving and rest for professional drivers enters into force, as well as mandatory use of tachograph in passenger or loads public transportation Read More

Portugal

EU: employers can access workers communications The European Court of Human Rights decided that companies can monitor communications of their employees for disciplinary purposes and these communications can be used as evidence for their dismissal

Minimum National Wage updated The value of the Minimum Guaranteed Monthly Wage (RMMG) to enter in force in 2016 is fixed in 530 Euros. This does not include allowance, bonus or other benefit for accidental assignment or for a period of more than one month

Default interest rate for State debts in 2016 The default interest rate for State debts and other public entities, including Social Security and Tax Authority was published, and in 2016, is set at 5.168%, lower that the 2015 rate

East Timor

EU approves visa exemption for Timorese European citizens will not need visa to enter East-Timor, nor East-Timor nationals with passport shall need visa for short stays in Schengen area - up to 90 days in a 180 days period - for business, tourism or family visits

East Timor approves decentralization The Council of Ministers approved a diploma on the  Statutes of Local Administrations, of Local Authorities and of the Interministerial Technical Group for the Administrative Decentralization, and a diploma on the Statutes of the Local Authorities' Presidents and Local Administrators

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