On April 12, 2019 was published on Diário da República the Decree n. º 112-A/2019 that regulates the creation of the Contract-Generation measure (hereinafter “measure”), which consists on the assignment of financial incentives to indefinite and simultaneous hiring of young searching for their first job and unemployed of long and very long term.
In the context of the Capitalizar (Capitalize) Program – which has already implemented several changes to Portugal’s legal system – the new simplified legal regime for assignment of credit portfolios was enacted on 28 March 2019 and will come into force on 1 July 2019 (Decree-Law 42/2019, of 28 March) (“Assignment of Credit Portfolios Simplified Regime”).
It was published today in the official gazette Ordinance no. 95/2019, of March 29, introducing amendments to the “Contrato-Emprego” Program (a public program to promote the employment in Portugal, with financial support to employers). These amendments aim to speed the decision from public authorities regarding the applications to the Program and introduce legal changes in the target beneficiaries of the Program.
Ruling no. 30211, of 15 March, was disclosed by the Portuguese Tax Authorities, clarifying the extension of some amendments introduced in the Portuguese VAT Code by the Decree-Law no. 28/2019, of 15 February, under the SIMPLEX + Program.
Garrigues has strengthened its team in Portugal by bringing on board Tomás Pessanha as partner in charge of the Corporate and M&A practice at the Oporto office. Pessanha has had a lengthy professional career as adviser to domestic and foreign businesses and institutional investors on corporate law, commercial contracts, M&A, private equity, venture capital and restructuring processes.
Ruling no. 20208, of 18 March 2019, was disclosed by the Portuguese Tax Authorities (“PTA”), which clarifies the scope of the waiver of Special Payment on Account (“PEC”) foreseen in article 106 (11) (e) of the Portuguese Corporate Income Tax Code (“CIT Code”) introduced by Law n.º 71/2018, of 31 December, which approved the Budget Law for 2019.
Ordinance no. 71/2019, of February 28, was published, establishing the amounts of the extraordinary supplement for pensions of disability and old age of the Social Security system.
Ordinance no. 70/2019, dated February 27, was published in the official gazette, amending the Professional Internships’ Measure (approved by Ordinance n.º 131/2017, dated of April 7). This Ordinance establishes new rules regarding the Professional Internships’ Measure, promoting the insertion of young people in the labor market and the retraining of unemployed citizens.