EDITORIAL – MAY 2017 –

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I. EDITORIAL – THE BANNING OF THE ISSUANCE OF BEARER SECURITIES

The month of May was marked, in the legislative field, by the banning of the issuance of bearer securities, approved by the Law no. 15/2017 of May 3rd. Consequently, all bearer securities shall be converted into registered securities, within six months from the date of entry into force of the mentioned Law, namely untill the 4th of November 2017, even though the referred matter will be subject to specific regulation by Government, to be published within 120 days.

From that date, the transmission of bearer securities shall be banned, and the right to participate in the distribution of earnings associated with bearer securities shall be suspended.

One should also highlight the treatment of the judicial administrators as enforcement agents, namely concerning the access to the electronic register of enforcement proceedings and for data base search and queries, approved by Law no. 17/2017 of May 3rd, which proceeds to the 1st amendment to the Law no. 22/2013, of February 26th, which establishes the statute of the judicial administrator.

Concerning case law, one must emphasize the importance of the Judgement of the Constitutional Court, no. 211/2017 of May 2, Case 285/15, given that the Court declared to be unconstitutional, on grounds of the breach of the principle of contributive capacity, established in articles no. 103, paragraph 1 and no. 13 of the Portuguese Constitution, the provision in article no. 44, paragraph 2, of the Code of Personal Income Tax, pursuant to the interpretation concerning the establishment of an « irrebuttable presumption» for the evaluation of the gains subject to the personal income tax, concerning capital gains resulting from the sale of real estate property.

It should also be pointed out that the Judgment of the Administrative Supreme Court, of May 10 of 2017, Case 01159/14, which considered to be owed interest as damages when the revision of the taxation act by the contributor’s initiative is made over one year after his request, except if that delay is not attributable to the Tax Authorities, pursuant to article no. 43, paragraph 3, subparagraph c), of Portuguese General Taxation Law.

Finally, we highlight the adoption, by the Council of Ministers, concerning the Scheme “Capitalizar”, of a new legislative package, which takes an additional step towards the strategy of financing of companies, considered a structural to aid for the economic recovery and job creation.

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