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Cryptocurrency Webinar – Legal and Tax Perspective

In this case no news are good news! This week we will not be developing any informative content, but rather take the opportunity to share the event that we have scheduled at the beginning of next week. We want to count on everyone’s presence and we are available through the usual channels to provide any additional clarifications.

Martinez-Echevarria & Ferreira, in partnership with Criptoloja, will hold a Webinar on the 5th of July 2022 at 11:30 am on the topic: “CryptocurrenciesLegal and Tax Perspective”.

It is one of the most relevant web-based seminars we have on our agenda, given its content, with a lot of demand in terms of clarification from partners and customers.

Cryptocurrencies provide unique opportunities as well as great challenges. We are talking, for example, about investment opportunities versus the risk of fraud and the high volatility to which these assets are subject; absence of intermediation versus absence of accountability; safety versus excessive energy consumption; innovation versus regulation.

We have the opportunity to count on the presence of two speakers, very knowledgeable on the subject: Dr Francisco Furtado (M-E&F Tax Consultant) and Dr Pedro Borges (CEO of Criptoloja).

Francisco de Carvalho Furtado, graduated from the Faculty of Law of the University of Lisbon in 2000, has more than 20 years of experience in tax practice and has been a tax consultant at M-E&F since 2018. He has been a member of the CAAD’s (Administrative Arbitration Center) list of arbitrators in tax matters since 2012 He focuses his professional activity in the areas of consultancy, litigation and tax arbitration.

Pedro Manuel Saraiva Borges, has more than 20 years of experience in the financial industry, was the first CEO of Saxo Bank in Brazil and has extensive experience in the Start-up environment. The launch of the GoBulling brand at Banco Carregosa, the start of the online brokerage business at Orey Financial and the development of the first White Label partnerships for Saxo Bank are examples of this. Involved since 2014 in the world of Blockchain and Cryptocurrencies, he created and led projects such as ICO SOFA and AprendiSobreBitcoin.com in this area.

The event will be moderated by Marisa Afonso, from the Communication Department at M-E&F. It will be broadcast in Portuguese by videoconference.

To guarantee your participation, it is necessary to register, click and register through our Registration Form – Formulário de Inscrição.

We count on your presence, in another different event.

See you soon.

News PT

Exceptional and temporary regime allows the review and increase of prices in public contracts

From 21st May 2022 and until the end of this year, an exceptional and temporary regime will be in force that includes several measures to make the negotiation of public contracts more flexible.

This new regime established by Decree-Law no. 36/2022of 20th May, arises as a response by the legislator to the exponential increase in the costs of materials, raw materials, equipment and labour, resulting from the constraints caused by the Covid-19 pandemic, the energy crisis and the war in Ukraine.

The scope of application of this regime covers all public contracts in execution or to be concluded, including public works contracts as well as “with the necessary adaptations, public contracts for the acquisition of goods and in the case of acquisitions of services, the category of contracts determined by decree of the members of the Government responsible for the area of ​​finance and the sector of activity” and “the contracts that, regardless of the legal nature of the owner of the work, are subject to public procurement rules”.

Among the various measures of this regime, the following stand out:

1) The possibility for the contractor to submit a request for an extraordinary price revision whenever a certain material, type of labour or equipment suffers an increase of at least 3% in the contractual price and the year-on-year rate of change in the cost is equal to or greater at 20%1.

2) In addition to the extraordinary price revision regime, it is also foreseen the possibility for the owner of the work to accept the deadline extension for the execution of the contract.

This may take place for a strictly necessary period without any penalty to the contractor, as long as the contractor submits a request, duly substantiated proving that there is a delay in meeting the work plan, due to the impossibility of obtaining the necessary materials for the work execution for reasons that are demonstrably not attributable to the contractor.

The extraordinary price revision is applied to the entire period of execution of the contract and the request can be made to the owner of the work until provisional acceptance.

On the request the contractor must indicate in a duly substantiated manner, the form of extraordinary price revision that best suits the work being carried out.

In turn, the developer will have a period of 20 days to comment on the proposed extraordinary price revision.

If the owner of the work does not comment within the established period, it will be understood that there has been tacit acceptance of the request.

If it does not agree the developer may, exclusively and alternatively:

– make a counter-proposal;

– carry out a review of prices in accordance with the terms established in the contract;

– include certain materials and labour with revision calculated using the cost guarantee method.

If there is no agreement on the extraordinary review form in question, prices are revised based on the developer’s counter-proposal.

As in the previous mechanism, the developer will have 20 days to comment, subject to tacit acceptance.

3) Furthermore, it is also foreseen that, at a pre-contractual stage, contracting entities may proceed with the award of proposals with a price higher than the base price of the procedure.

4) Finally, it is expected that price revision will be supported by funds entered in the budget program of the respective sectoral area, without prejudice to possible reinforcements to be carried out in the general terms applicable.

The proactivity of the legislator in implementing these measures cannot but be applauded, as it is essential to guarantee the continuity of the execution of the contracts and the consequent development of the country.

News PT

Portugal closest to the top of the Entrepreneurship rankings

According to The Portugal News website, over the last 10 years our country has moved from the lower end of most European entrepreneurship rankings to being now close to the top.

According to the European Central Bank, Portugal is the second-best country in Europe in terms of business innovation, with the technology and technology business sector having a marked presence in the country and in frank evolution in terms of new companies/ opportunities and corresponding financial outcome. According to the same website, seven unicorns were created in Portugal, not mythological, but real. In the world of start-ups this name is used to describe those companies valued at one billion dollars. The expression “unicorn start-up” was coined in 2013 by American equity investor Aileen Lee, in her article Welcome to the unicorn club: learning from billion-dollar start-up’s. The term also refers to something magical and rare to label these unique businesses, companies that have innovative proposals and reach high levels of success. Portugal is among the 5 best unicorn breeding countries in the world, measured by unicorns per capita or by GDP.

One of the reasons given for this rise seems to be related to the type of people that the country has been attracting. People connected to the technology sector, who can easily work in any country in the world. These people have increasingly chosen Portugal: our welcoming spirit, the ease of speaking English, the existing technological solutions, among many others and especially the fact that we are definitely on the map, for the best reasons.

We are not just talking about the people we attract, but also about those who already exist and are now arriving in the job market. It is time to say that highly qualified professionals can now stay in their country and not only need to consider abroad as a possibility in terms of employability. Conditions in the country are changing and improving, in the sense of retaining the best, our best. The OECD (Organization for Economic Cooperation and Development) states that Portugal has the 2nd highest rate of engineering graduates in Europe and is the 12th in the world to find new qualified employees. Also, according to the OECD, Portugal is today the cheapest country in Europe to run a business. Companies with a presence in the country, such as Siemens, Volkswagen, IKEA, Nestlé, Microsoft, Unilever and Danone, rank their Portuguese subsidiaries as the most effective globally. And all these companies have helped to develop a large base of skilled and experienced employees with the skills and experience to build their own businesses.

The Lisbon Web Summit is the world’s largest technology event and an annual gateway to leading software and idea creators, entrepreneurs and companies. Portugal also has some of the best accelerators and business incubators in the world, the Instituto Pedro Nunes (IPN) in Coimbra, for example, was ranked among the top 5 worldwide in 2021. In the IPN business incubator, companies have, “in the first years of life, conditions that facilitate access to the scientific and technological system and of an environment that provides the expansion of knowledge in matters such as quality, management, marketing and contact with national and international markets. The Incubator provides support during the nascent phase of new innovative business projects and/or technology-based and advanced services” (website: Instituto Pedro Nunes (ipn.pt))

The advantages associated with entrepreneurship are clear: creation of new companies, greater investment in the economy, creation of new jobs, the promotion of competitiveness and innovation. Entrepreneurship combines creativity, innovation and the ability to take risks. Educating for entrepreneurship should therefore be encouraged, with the active participation of organizations, citizens, companies and other stakeholders. It is necessary to educate to create habits of resilience, organization and consistency, fundamental ingredients for success.

News PT

Horizontal Property regime and Local Accommodation

On May 10, 2022, the Judgment of the Supreme Court of Justice No. 4/2022 was published in the Diário da República.

This judgment focuses on the incompatibility between the specific rules of “Local Accommodation” and the local accommodation of “fraction of Horizontal Property with housing destination”.

 

Although some doubts prevail, it is concluded that Local Accommodation is synonymous with an organized activity of a regular and intense nature, in buildings solely or considerably composed of fractions intended for permanent housing.

However, this concept is hardly compatible with the housing purpose typically assumed by the Horizontal Property regime.

When it is understood that, under the terms of subparagraph c) of paragraph 2, of article 1422 of the Civil Code, local accommodation constitutes a use other than the housing purpose stated in the constitutive title, this practice is prohibited, respecting the peace and security of the joint-owners who have their usual residence in the same building.

It should be noted that an owner of a fraction intended for housing, and who does not need it for his own residence, can monetize this heritage. However, local accommodation is not the only way to monetize the fraction. This property can, for example, be used for urban leasing under the terms of articles 1094 and 1095 of the Civil Code.

Obviously, local accommodation developed in an autonomous fraction belonging to a building consisting essentially of second homes or holiday homes, is potentially less conflicting with the interests of the other above-mentioned joint owners. In this case, the agreed solution turns out to be less justified.

However, it can be summarized that in the horizontal property regime, the indication in the constitutive title, that a certain fraction is intended for housing, must be interpreted in the sense that it is not allowed to carry out local accommodation.

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