I. EDITORIAL – NEW INFORMATION DUTIES FOR MAJOR COMPANIES
During the month of July, it was published the Decree-Law no. 89/2017 of June 28, which proceeds to amend the Portuguese Companies Code and the Portuguese Securities Code, by transposing the Directive 2014/95/EU of the European Parliament and of the Council of 22 October 2014 regarding the disclosure of certain non-financial and diversity information by certain large companies.
In fact, major companies with relevant public interest are required to prepare a report related to the environmental, social, anti-bribery and other employee subjects, to apply in the next financial years.
It should also be pointed out the creation of measures to strengthen the fight against undeclared employment agreements, through the development and improvement of court and administrative procedures, in accordance with Law no. 55/2017 of July 17.
Concerning case law, it is worth to notice the importance of the Judgement of the EU Justice Court of 26 July, Case no. C‑386/16, given that the Court considered that Article no. 138, subparagraph 1, of Directive 2006/112/EC of the European Council, November 28, 2006, concerning the VAT system, determines that the supply of goods by a taxable person established in a first Member State is not exempt from value added tax under that provision where, prior to entering into that supply transaction, the person acquiring the goods, who is identified for value added tax purposes in a second Member State, informs the supplier that the goods will be resold immediately to a taxable person established in a third Member State, before he takes them out of the first Member State and transports them to that third taxable person.
Finally, it should also be pointed out that the Judgment of the Lisbon High Court of July 8th, Case no. 6961/16.0T8LSB.L1-2 which considers the validity of the deliberations from Banco de Portugal, concerning the dissolution of BES, concludes that the selection of the assets which would be carried to the new credit institution is legal and valid, for it may be discretionary, but not random.
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