Decree-Law no. 71-A/2021, of August 13 was published in the official gazette, amending the extraordinary aid for the progressive resumption of activity (hereinafter, “APRA”) established in Decree-Law no. 46-A/2020, of July 30.
The Portuguese Supreme Court of Justice (SCJ) has delivered a Decision uniformizing case law (SCJ Decision nº 2/2021, dated 07.05.2021) in the following sense: “The sale during insolvency proceedings of a mortgaged property, with a lease entered into subsequent to the mortgage, does not make the lessee’s rights expire, in line with the provisions of article 109.3 of the Insolvency and Companies Recovery Code (Código da Insolvência e da Recuperação de Empresas - CIRE), combined with article 1057 of the Civil Code (CC), with the provisions of article 824.2 of the CC not being applicable”.
It was published in the Portuguese Official Gazette, the Council of Ministers’ Resolution no. 101-A/2021, of 30 July, which establishes the state of calamity throughout mainland Portugal until the 11:59 hours of the 31st of August 2021 and foresees the applicable legal regime.
In the context of the current COVID-19 pandemic, new measures were approved to enable companies to increase their cash flows.
The Portuguese Government approved a new review of the flexibility scheme on VAT obligations compliance and regarding PDF invoices through Dispatch n.º 260/2021-XXII, of 27 July.
Decree-Law no. 59/2021 published on July 14 clarified and densified the rules to which the provision of telephone lines for consumer contact is subject.
Transactions with non-performing loans (NPLs) started to take off in the second quarter of 2021, especially in Spain and Portugal. The gradual fading in continental Europe of the health impact of COVID-19, combined with the progress made in vaccinations, have allowed various “sleeping” transactions to be brought back into motion and new transactions to be closed between the first and second quarters of 2021. Meanwhile, in the global arena, there have now been numerous alerts from regulators over the deteriorating quality of financial institutions’ loan assets. The coming to an end of governmental relief or forbearance measures, combined with the heightened impact of COVID-19 on very specific business sectors, are likely to hasten the pace of NPL transactions over coming months.
The new model forms 22-RFI, 23-RFI and 24-RFI, which are required for the application of international double taxation conventions, were approved by Dispatch No 6403/2021 of 30 June 2021.
The Parliament of the Autonomous Region of Azores approved a generic reduction of 30% of the national personal income tax (PIT), corporate income tax (CIT) and value added tax (VAT) rates through the Regional Legislative Decree no. 15-A/2021/A, published at the Official Gazette ('Diário da República') on 31 May of 2021.