In an effort to mitigate risk of spreading the COVID-19 virus, the Permanent Commission of the CRE (Energy Regulatory Comission) determined that the cessation of terms and deadlines associated with proceedings processed before the CRE will be extended.
The Ministry of Communications and Transportation (SCT) has published in the Federal Official Gazette (DOF) a ruling specifying the essential activities competence of the STC. This is in connection with the ruling published by the Ministry of Health on March 31 in the DOF, by means of which extraordinary actions to address the heath emergency deriving from y COVID-19 were declared and non-essential activities were suspended.
The current health crisis caused by COVID-19 (coronavirus) has generated a strong impact on the business sphere and with important legal consequences from a tax point of view, which requires individualized treatment and a multidisciplinary perspective. As part of Garrigues' promise of value, which is to provide permanent and comprehensive support to its customers through a highly specialized and multidisciplinary team dedicated to identify potential risks and mitigate their consequences, we have developed this document containing some recommendations and relevant aspects that should be considered in the current conjuncture.
Pandemic has entered the world’s daily vocabulary in the most dramatic and unexpected way. As the severity of the situation worsens, a growing number of legislative initiatives attempt to address the needs of citizens and society in the face of the outbreak. This note is aimed at reporting on the main legislative or regulatory initiatives that have been taken in Portugal with a view, mainly, to protecting society against the spread of the new coronavirus and the effects that the pandemic causes on social and economic life.
On April 2, 2020, the Portuguese Assembly of the Republic approved Law No. 4-A/2020, dated April 6, which made the first amendment to Law No. 1-A/2020, dated March 19. The latter established various temporary and exceptional measures in response to the pandemic caused by the SARS-CoV-2 coronavirus and COVID-19 infection, affecting the area of the Portuguese Courts and Justice Authorities. From the outset, in terms of deadlines, court proceedings and entry into force, various shortcomings, inaccuracies and doubts over interpretation associated with the application of such a relevant instrument became apparent.
On April 3, 2020 the European Union published Decision (EU) 2020/491, granting relief from import duties and VAT exemption on importation granted for goods needed to combat the effects of COVID-19. This Decision resulted from the requests sent by the member states since on January 30 the outbreak was declared a public health emergency.
The Spanish Accounting and Audit Institute (ICAC - Instituto de Contabilidad y Auditoría) replied, on April 2, 2020, to the request for an audit determination on the effect of the public health crisis and Royal Decree-Law 8/2020, of March 17, 2020 (on urgent extraordinary measures to confront the economic and social impact of COVID-19) in relation to the preparation, verification and approval process for the financial statements (RDL), and its amendment by final provision one, point thirteen, of Royal Decree-Law 11/2020, of March 31, 2020 (RDL 11/2020).
Royal Decree-Law 11/2020, of March 31, 2020, has provided answers to a few doubts that had arisen concerning the rules on calculating certain time periods for tax procedures, following the suspension measures approved in recent weeks; though not every question on this subject has been answered.
A constant stream of new legislation is being approved that affects businesses. Every week Garrigues provides a summary of the main issues that companies need to take a look at over the coming days. This week we feature the new legislation approved on financial and contractual moratoriums and deferrals, the new labor measures or the VAT exemption and customs duty relief on importations of goods to combat the epidemic, together with the advisability of reviewing and analyzing companies’ financial and net worth positions. We also discuss the potential financial liability of the state.
On April 3, 2020 the European Commission announced the adoption of an amendment extending and adding flexibility to the Temporary Framework adopted on March 19, 2020 to enable Member States to give State aid for research, testing and production of coronavirus related products, and also to grant greater volumes of aid in under the categories already allowed in under the original Temporary Framework.