The monetary devaluation indexes were approved by Ordinance no. 220/2021, of 22 October, which updates the annual monetary devaluation indexes applicable to the goods and rights disposed during 2021, whose value should be updated in accordance to articles 47 of the CIT Code and 50 of the PIT Code, for the purpose of determining the tax base of the referred taxes, in particular regarding capital gains.
NPL transactions continued to take off in the third quarter of 2021. A growing interest in NPL securitizations has been perceived, especially in Spain. In Europe, meanwhile, talks continue on two key topics: the draft directive on credit purchasers and credit servicers – which has made great progress –, and talks on the European Banking Association’s templates aimed at simplifying NPL portfolio transactions. The gradual disappearance of forbearance programs and other support measures in Latin America, Spain and Portugal are fueling very reasonable estimates on the forthcoming launch of new transactions.
Recently, China formally passed the Personal Information Protection Law (PIPL), which is the first comprehensive national level personal data protection law of this country. PIPL will become effective as of November 1, 2021, leaving a short time for the companies operating in China (and even certain foreign companies) to become fully compliant to the new personal data protection regime.
The National Appellate Court has endorsed including software in the definition of “production processes” even if it is developed in non-manufacturing sectors; and criticized denial of entitlement to the credit for software projects on the basis of technical reports from the Spanish finance authority containing legal assessments.
Latin America and the Caribbean was the region with the fastest growing thematic bond market globally. This context prompts interest in the impact of sustainable investment and the potential of social bond issuances in Latin America, as well as how the legislation has evolved in each jurisdiction. In this article, we deal with the current situation in Chile, Colombia, Mexico and Peru.
On September 30, 2021, the Executive Branch of the Mexican Federal Government submitted a bill to amend articles 25, 27 and 28 of the Political Constitution of the United Mexican States (the Reform Bill). If approved, this measure would, among others, repeal the constitutional reform of the electricity sector passed on December 20, 2013 (the 2013 Energy Reform), restore the state-dominant position in Mexico’s electricity industry through the Federal Electricity Commission (CFE) and limit and control private participation in power generation, removing at a stroke the regulatory agencies that currently govern the national electricity system and the wholesale energy market.
Garrigues Portugal offers a detailed analysis of the legal regime of Real Estate Investment and Management Companies (SIGI) in the latest edition of the EPRA Global REIT 2021 Study. The firm's experts explain the key factors to take into account when considering investing in the Portuguese market through this vehicle.
Filing an appeal against a Portuguese award is possible but parties should be aware of the details, requirements and peculiarities of this mechanism, especially when issues of constitutionality are raised during the proceedings.