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Newsletter 12th (July, 2008)  

TABLE OF CONTENTS

Legal Developments in Spain and Portugal 1

LEGISLATION

1. SPAIN
1.1 Shipping

1.1.1 2001 BUNKERS Convention ratified

1.2 Tax
1.2.1 New tax measures approved

1.3 Capital Markets
1.3.1 Collective investment schemes and financial derivatives instruments

2. PORTUGAL
2.1 Tax
2.1.1 VAT rate reduction effective July 1, 2008
2.1.2 Disclosure rules on tax planning schemes enter into force

2.2 Insurance
2.2.1 New insurance contracts legal regime

2.3 Real Estate
2.3.1 New regime governing installation and operation of tourist facilities

COURT CASES AND RULINGS

1. SPAIN
1.1 Labor and Employment
1.1.1 Void dismissal of senior manager in reprisal for legal action taken
1.1.2 Business succession of contractors and partial transfer of labor force
1.1.3 Pay does not accrue during dismissal proceedings when severance is paid directly to employee on signing final settlement

1.2 Tax
1.2.1 Spanish thin cap provisions in force until 2003 contrary to EU Law

1.3 Antitrust
1.3.1 Alleged abuse of dominant position by collecting society

1.4 Shipping
1.4.1 “Debt recognition” tolls statute of limitations

1.5 Environmental
1.5.1 Requirements for amendments to Natural Resources Master Plan

2. PORTUGAL
2.1 Tax
2.1.1 Administrative guidelines on deduction of input VAT
2.1.2 Two recent tax rulings on restructuring transactions

OTHER NEWS

1. SPAIN
1.1 Environmental
1.1.1 Reorganization of ministerial departments and amendment of their basic organizational structure

2. PORTUGAL
2.1 Labor and employment
2.1.1 Reform of Portuguese Labor Code under discussion by social partners

EU NEWS

1. AMENDMENT OF THE VAT DIRECTIVE

2. SAVINGS DIRECTIVE REFORM PROCESS

3. COMMON CONSOLIDATED TAX BASE: POSSIBLE ANTI-ABUSE RULES

4. LIMITATION PERIOD FOR THE RIGHT TO DEDUCT VAT

5. PORTUGAL OUTBOUND INTEREST WITHHOLDING TAX UNDER ECJ SCRUTINY

6. DAWN RAIDED COMPANY FINED €38 MILLION FOR BREAKING SEAL DURING COMMISSION INVESTIGATION

7. LIMITATION ON VOTING RIGHTS OF PUBLIC ENTITIES WITH SHAREHOLDINGS IN SPANISH ENERGY UNDERTAKINGS CONTRARY TO EU LAW

GARRIGUES INTHE NEWS

1. GARRIGUES OPENS IN BUCHAREST

2. ANTONIO GARRIGUES TO HEAD “CLUB MADRID 16”

3. CHAMBERS EUROPE PRESENTS ANTONIO GARRIGUES WITH A ‘LIFETIME ACHIEVEMENT’ AWARD

4. GARRIGUES RATED A TOP-TIER FIRM IN EIGHT PRACTICE AREAS ACCORDING TO LEGAL 500

5. GARRIGUES RANKED A BAND 1 FIRM IN 17 PRACTICE AREAS BY CHAMBERS & PARTNERS

6. GARRIGUES NAMED ‘TAX FIRM OF THE YEAR, SPAIN’ BY  INTERNATIONAL TAX REVIEW

7. CENTRO DE ESTUDIOS GARRIGUES MOVES ITS HEADQUARTERS