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 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.
Portuguese Law no. 32/2021, published on May 27, foresees an obligation for standard terms to be written in a font size not inferior to 11 or to 2,5 millimeters and with a line spacing not inferior to 1,15 in order to allow consumers to have effective knowledge of the terms they are agreeing to.
The European Central Bank (ECB) plans to announce shortly whether it will launch a design and creation project for a digital euro, something which, as the institution itself has said, would have an immense impact. We need to know therefore what the digital euro would be legally and what implications it could have for many parties in the financial system and in particular for banks and other financial institutions.
It has been published in the official website of the Portuguese Tax Authority, the postponement of the deadline to comply with the obligation to prepare and submit the transfer pricing file, to which large taxpayers are subject, under article 130, no. 3, of the Corporate Income Tax (IRC) Code, to July 22th, 2021 (in line with the postponement of the submission of the IES/DA).