Sunday, January 31, 2016

Government backs off again in VAT restoration – Portal nahora.com.pt

 

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According to the statements of the Prime Minister, António Costa, in Parliament, replacement of VAT in catering to the intermediate rate will only become fully into force in 2017. So, from July 1 this year will force a reduction of VAT, but only for the food and perhaps a few drinks, so most drinks will continue to be taxed at the normal rate.

“given word is the word honorable”

This is the 2nd retreat of government at the level of VAT restoration. It was initially planned that resetting the intermediate rate in the sector occurred in early 2016. However, given the passage of time limits, the draft State Budget for 2016 backed this matter, referring that it would only enter into force in July 2016. Now there is a new setback, with a discrimination between the products that will benefit from VAT descent and those who will keep the maximum rate.

Refer It was found that in one of the televised debates before the parliamentary elections, António Costa had pointed out that the lowering of VAT was right and the phrase ‘promise is honored word “indicating that a year later would do the opposite of what was mentioned in election campaign.

Now, the Prime Minister justify the retreat with the fact that it received information from the AT that the reduction in VAT would have a greater impact to the 350 million that had been estimated.

Descent in 2016 only about feeding

According to the information coming to light , wine, beer, spirits, soft drinks and juices will continue to be taxed at the standard rate (23% on the mainland). Thus, only the food and probably the cafeteria drinks will benefit from the intermediate rate. In Parliament, António Costa supported this measure with a study indicating that 85% of the sector’s transactions correspond to food products, accounting for drinks only 15%, so the decline in VAT will cover the vast majority of situations.

According to AHRESP, the final costume of the covered products will be announced by the Government on 1 March, at the close of the Conference of AHRESP

Restaurants will dribble new rules menus

Several media outlets have realized some strategies of entrepreneurs catering to dribble the new VAT rules . Instead of invoicing the drinks aside, many restaurants prepare to dribble past the normal rate, including any meal in a menu.

At the outset, a menu with drink should be taxed at the standard rate, since the VAT Code states that a product composed of elements subject to various VAT rates is always taxed at the higher rate. However, as the “menu” mention an invoice does not indicate whether it includes a drink, will be easy for restaurants apply the intermediate rate of VAT (13%) instead of the standard rate (23%).

Only one inspection every restaurant, including what each menu contains could detect non-compliance. As such it will be very difficult to achieve, there will be the possibility of widespread tax evasion, ending many of the drinks being effectively taxed at the intermediate rate and the state to not get the expected revenues.

billing systems with multiple VAT rates

If there are two VAT rates in force, will of course be necessary, billing systems are prepared for this purpose. In practice, as will happen in pharmacies where there are drugs with different VAT rates. This enables entrepreneurs restoration must be loaded in the computer systems the correct VAT rate for each product and the invoice submit this distinction. In many cases, this may lead to further updating of computer software, which were recently changed to accommodate the insertion of NIF taxpayers.

It is planned that the draft state budget for 2016 will be presented at the next 6th Tuesday, 5/2, at which point it will know a bit more about the VAT rules of the restoration.

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Investment through gold visas fell by half in 2015 – Jornal de Negócios – Portugal

Last year, the resulting investment of Residence Permits for Investment activity (ARI) amounted to 466,259,797.63 euros, representing a decrease of 49% compared to 921,314,178.34 euros in 2014 .

Of the total of about 466 million euros obtained from the golden seen, most of the investment (418,079,180.09 euros) resulted from the acquisition of real estate, which remains criterion that assigns more ARI .

In 2014, the investment raised from the purchase of property was nearly twice last year, the total 840,425,983.31 euros, according to the same data.

For seen ‘gold’ awarded by transferring capital, last year the investment was 48,180,617.54 euros, less than the 80,888,195.03 euros in 2014.

To the slowdown in investment ARI helped the police investigation “Operation Labyrinth”, which was known in November 2014 and the consequent amendment of the rules governing the allocation of golden visas.

Last year we were granted 766 visas ‘gold’ less half of the 1,526 assigned in 2014 as the best year ever this foreign investment funding program.

Of those 766 gold visas, 719 resulted in the purchase of real estate, 46 the transfer of capital and the creation of at least 10 jobs.

In 2014 it was allocated 1,452 visas ‘gold’ for the acquisition of real estate, 71 transfer of capital and three by job creation.

From October 8, 2012, when the measure was applied, 2015, 2788 ARI were awarded, totaling an investment of 1,693 million euros.

Of this aggregate amount, 1,528 million euros resulting from the buying real estate and 165.4 million of capital transfer of euros.

Since the program is in place, 2,635 visas were awarded ‘gold’ by way of purchase of property, 149 for capital transfer and four by creating at least 10 jobs.

The 23 February 2015, the former deputy prime minister, Paulo Portas, presented the new changes in the rules for granting visas ‘gold’ that widening foreign investment to areas such as urban rehabilitation or science, among others, which were published in the Official Gazette (DR) to June 30.

However, the SEF suspended the proceedings Assignment seen ‘gold’ to 1 July for lack of legal framework between the old and the new regime.

On 16 July last year, the Steps government Rabbit approved the regulatory decree performing changes to the law.

The new measures came into force on September 3, although to date is not known assigning golden seen by the new rules.

Changes to the receiving visas ‘gold’ emerged after the police investigation “Operation Labyrinth”, in November 2014, which led to the arrest of five of 11 defendants for alleged corruption, a process that culminated in the resignation of then the post Minister of Internal Affairs, Miguel Macedo.

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Investment picked up by visa gold fell by half in 2015 – publico

                 

                         
                     

                 

 
 

The investment captured by the visa gold has been halved in 2015 from the previous year to around EUR 466 million, according to data from the Foreigners and Borders Service (SEF). Last year, the resulting investment of Residence Permits for Investment activity (ARI) amounted to 466,259,797.63 euros, representing a decrease of 49% compared to 921,314,178.34 euros in 2014 .

Of the total of about 466 million euros obtained from the golden seen, most of the investment (418,079,180.09 euros) resulted from the acquisition of real estate, which remains criteria What else gives ARI. In 2014, the investment raised from the purchase of property was nearly twice last year, the total 840,425,983.31 euros, according to the same data. For visas gold assigned by transferring capital, last year the investment was 48,180,617.54 euros, less than the 80,888,195.03 euros in 2014 .

To the slowdown in investment in ARI helped the police investigation “Operation Labyrinth”, which was known in November 2014 and the consequent amendment of the allocation rules of golden visas . In the past year, they were granted 766 visas gold , less than half of the 1,526 assigned in 2014 as the best year ever this attracting foreign investment program. Of those 766 gold visas, 719 resulted from the purchase of real estate, 46 transfer of capital and creating at least ten jobs.

In 2014 , 1452 visas were assigned gold the acquisition of real estate, 71 transfer of capital and three by job creation. From 08 October 2012, when the measure was applied, 2015, were awarded ARI 2788, a total investment of 1,693 million euros. Of this aggregate amount, 1,528 million resulting from the purchase of real estate and 165.4 million of capital transfer of euros.

Since the program is in force has been allocated 2,635 visas gold by way of purchase of property, 149 for transfer of capital and four by creating at least ten jobs. February 23, 2015, the former deputy prime minister, Paulo Portas, presented the new changes in the rules for granting visas, which extended foreign investment to areas such as urban rehabilitation or science, among others, and which were published in the Official Gazette on 30 June.

However, the SEF has suspended the award process on 1 July for lack of legal framework between the old and the new regime . Only July 16 the government approved the regulatory decree implements the amendments to the law. The new measures came into force on September 3, although to date is not known assigning golden seen by the new rules.

There are now more than four thousand applications pending at the SEF, waiting for approval. Applications submitted in January last year will only begin to be instructed in February.

Changes to the granting of visas gold came after the police investigation “Operation Labyrinth “in November 2014, which led to the arrest of five of 11 defendants for alleged corruption, a process that culminated in the resignation of the then Minister responsible for Internal Affairs, Miguel Macedo.

                     
                 

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Ricardo Cabral. â € œResolução Banif was avoidable and had no basis legalâ € – iOnline

Banif was the subject of a controversial resolution at the end of the year, after receiving public aid in 2013. What is your assessment of the process?

 
 

He acted is arbitrary, bureaucratic and destructively on people and businesses – Banif and some business customers, shareholders and creditors of the bank. The facts not interested. An objective assessment was not done. It is unknown whether or not there was merit in the Banif management. The State injected € 825 million in the bank and private injected EUR 450 million. Many bank customers trusted their savings of hundreds of millions of euros in subordinated debt of the bank. The bank and its employees have been through a tough restructuring process and many lost their jobs. Many bank branches were closed. And, after all this effort, the State and the Bank of Portugal so treat citizens and taxpayers? Without even knowing whether the bank was insolvent? It seems unacceptable.


 
 

What do you think of the choices made by the previous government?

 
 

Once the initial negotiation were created unnecessary constraints on the actions of the State and the bank itself, perhaps for ideological issues. In other countries, the Commission accepted bailouts and nationalization of banks. The choose public recapitalization, and there were other alternatives, the state should only be accepted recapitalize the bank with the agreement of all European authorities and should have nationalized the bank while imposing deadlines for the re-privatize. The definition of terms diminishes the value of the shareholder position of the State to create pressure for its sale. The “kick” the problem forward resulted in this government’s negotiating position fragile situation. Furthermore, there is widespread ignorance of the most senior members of the country about the true situation of Banif and treatment of the dossier, in some dimensions, casuistry.


 
 

In what way?

 
 

For example, the previous government apparently did not know how much value Banif; the Banif was insolvent or not; if, in legal terms, or could not apply the measure of resolution; whether or not to be intransigent and disagree with the Directorate General for Competition (DGComp) of the European Commission. A new public aid To be necessary, with the application of the measure of resolution, the previous government did not know what amount of state aid necessary to stabilize the bank. Therefore, was not able to do a good briefing the new government.


 
 

The new government also has no responsibilities?

 
 

It has. I had an obligation to answer these questions before you spend over 3800 million euros of public funds and guarantees, bringing the total bill to almost 4600 million. When in doubt, it is best to do nothing. If the new government had doubts, waiting and clarified the outstanding issues, and then made a decision. Should not make a decision of 4600 million under time pressure without substantive analysis of each of the possible alternatives … because there are always alternatives.


 
 

The role of the European Commission did not condition the decisions?

 
 

The DGComp have here a very strange role. He went on to say that the Portuguese authorities to sell the Banif Santander and officially defended the resolution of the bank, at least more than a month before this happens, according to the “Express”. It almost seems that DGComp is an investment bank, and not the authority of the European competition.


 
 

And how do you see the position of the Bank of Portugal (BoP) in the middle of all this?

 
 

We do not understand the role of the board, because he could only intervene in Banif applying a bank resolution measure in the short term, the Banif violated the minimum capital ratios. Well that did not happen. It can not expropriate based on assumptions that Banif, an uncertain future, would violate the prudential supervision rules in banking. It’s like holding a citizen because he believes will commit a crime in the future. This should only happen in science fiction movies with Tom Cruise ["Minority Report"].


 
 

Who can they then allocate responsibilities?

 
 

Before you allocate responsibilities, it is necessary to try to mend the hand and correct the error. It is likely that the sales contract signed with Santander is shielded. Therefore, it should be almost impossible to reverse the resolution of Banif. But most likely, it can start a process of in-depth investigation to examine whether the Santander benefited or not from Portuguese state aid. The first goal, before looking for guilty, should be designed to remedy the situation, in particular seek to recover a significant portion of the 4.6 billion euros of public aid granted to the former Banif.


 
 

These are 4.6 billion total bill Banif case to the public coffers?

 
 

At this time, based on the available information, we estimate that to be the total public aid. But the BOP’s deliberations are ambiguous and opaque. In particular, do not know which translates one of the phrases such resolution that essentially says Naviget / Octant, the resolution fund, takes responsibility for the Banif losses. How long and how high?


 
 

But then there must be accountability .

 
 

There are two separate issues. The first is whether the Banif accounts were either not staid and direitinhas. If this is not the case, the responsible entities are the management of the bank, the respective auditors, the bop and the previous government, since the state was the principal shareholder and named some of the bank executives. The second issue is about who is responsible for the resolution of the Banif, whether the accounts were staid and direitinhas or not to be. It seems to me that entities were instrumental in resolving the Banif were DGComp, the ECB, the Bank of Portugal and the previous government, which was responsible for conducting negotiations with such entities and ensure the protection of the national interest. The new government also has responsibilities because he has accepted inject another 3.8 billion euros of public money in addition to the 825 million of the capital injection carried out in 2013, and because it has an obligation to defend the interests of the State shareholder. The state owned 60% of the Banif actions.


 
 

The resolution was avoidable?

 
 

It was avoidable, was unnecessary and apparently without legal basis: the Bank met the capital ratios was not insolvent, was not in imminent danger of failing. Yes, there was a run on the bank because rumors circulated, probably on the basis of inside information that DGComp demanded since November 17, at least, the application of a measure of resolution to the bank. So the announcement that it would apply a resolution measure precipitates a run on the bank, which in turn is used to justify the implementation of the resolution measure. More circular logic is impossible.


 
 

In this phase, the Bank of Portugal could still have done something?

 
 

I should have immediately declared that he would not be applied a measure of the resolution because Banif Banif meet the minimum capital ratios. The BoP could not have stated that the deposits were always assured. Modern central banks were created precisely to deal with banks to racing – are a lender of last resort. They were created to promote financial instability or bank runs.


 
 

What other solutions for Banif could there be?

 
 

The first alternative – and better, in my opinion – was not making any kind of intervention. Banif meet the capital ratios. Resorted to emergency loans from the ECB and bop. Have sufficient assets to offer as collateral and thus obtain additional liquidity. The BOP should have made a statement declaring it would not and could not be made a measure of resolution because the bank was solvent and meet the capital ratios. And simply wait. A run on the bank settled down after the first few days.


 
 

What if continue?

 
 

Then, the state – if he knew that Banif was solvent and meet the capital ratios – could announce that he had given instructions to the Caixa Geral de Depósitos (CGD) to temporarily borrow money to Banif. This decision could, of course, result in a process of investigation of the European competition authority, but the state can not stand helplessly and let planted rumors destroy Portuguese banks. And there are other alternatives. For example, buying the bank CGD, direct injection of public funds or indirectly, for example through the resolution fund, state loans, State guarantees, etc. And if it were proved that the Banif did not meet the capital ratios, a bank resolution measured with bail-in of large creditors and large depositors, they should receive in exchange shares of the bank.


 
 

The Ministry of Finance claims that a possible solution with losses for bondholders would affect migrant applications.

 
 

I do not agree, because it assumes that it was necessary servicing the bank without even prove it. The latest accounts of Banif indicate that the Bank met the capital ratios and therefore the BOP could not have applied a measure of resolution. But even if it was necessary to apply a measure of resolution, it was preferable to the participation of major bondholders and large depositors than the option chosen to make taxpayers pay the bill. It was possible to capitalize the bank, more than it already was, imposing losses small to large bond and migrants. And in that case, they should receive the Banif shares in exchange.


 
 

In the solution to recapitalize the New Bank there have been losses for senior bondholders. Agreed with this solution?

 
 

No. It was an arbitrary decision, unwarranted and unnecessary. Did not reflect on the consequences. There were other alternatives that would address the alleged lack of capital New bank. We used an apparently simple expedient, but will – is already having – consequences. They were treated senior bondholders in practice as if they were shareholders. There were some bank creditors and customers who bought those bonds already after the New Bank be created and that, from one day to another, find themselves expropriated 100% of their claims. No ifs or buts … It appears that the BOP continues to improvise and already promises to ensure the return of 20%. How will? Of course, with public funds. The litigation is certain and it is likely that the State loses the legal actions. Ie who will pay the bill will again be the taxpayer. And it must also consider the country’s credibility costs in financial markets.


 
 

The government claims that was against this solution designed for the BoP. Could have done something?

 
 

If you were even against could ultimately change the law and prevent the bop of the board to do what he did. The state is sovereign. It means it has the power to propose laws to parliament to approve decree-laws, ask the Assembly of the Republic legislative authorization or even apparently change decree-laws in the Council of Ministers. This is what happened, for example, with the resolution of BES, where the previous government Cabinet met virtually via email to amend an article of the decree-law that frames the bank resolution. If the government had changed the law, the bop of the board, thank you that is fulfilling the laws of the Republic, he could not have done what he did. And so, the government would not interfere with the “independence” of the supervisor. The government was against bop a soft way.


 
 

The risk of litigation with the transfer of the obligations of Novo Banco to BES is not excessive?

 
 

The decision has unpredictable consequences because translates an operation never before performed internationally as far as I know. There are precedents. Now the courts in the Anglo world – Saxon work, largely based on established case law. As this case, apparently, there will be established now for the first time. Part of debt securities the New Bank will be in other jurisdictions: London, Luxembourg, Cayman Islands. In addition, there are derivative contracts on the debt of the New Bank – credit default swaps, a kind of debt insurance – that transact in international markets. On the other hand, the debt securities of Novo Banco contains cross-default clauses, which state that all debt goes into default if a portion of the debt to default. You may baste one of the judges of these courts consider that retrativa transfer of the senior debt of Novo Banco to BES is an event of default for the remaining creditors of the bank consider that the remaining debt is in default. And there are other possible scenarios. The Single Board Resolution – the ECB – can intervene against a default statement. It does not seem possible to foresee all possible contingencies at this time.


 
 

It is likely that the State loses actions in court?

 
 

The state may lose the legal actions raised by senior creditors of the New Bank, for example, because the decision of bop probably violates the right to private property enshrined in the Constitution. In addition to not being able to comply with the national bank resolution law, which stipulates that creditors and shareholders are entitled to receive what they would receive if the bank had been settled. Ie the senior creditors can legitimately argue that, if the bank had been liquidated, would likely receive more than 0%. In short, the state runs the risk of losing more than two billion euros confiscated from senior lenders. In particular, it risks losing its shareholder position in the New Bank. It seems that we chose the worst alternative. There were other, the first of which would do nothing in the short term.


 
 

When you call them bond to the solution, there are echoes of the risk aversion of the country and Portuguese banks increased. It is indeed a problem?

 
 

Yes. The bail-in of the New Bank obligations had enormous consequences, well beyond the expected. It was like a butterfly wings beating with huge and unexpected repercussions. Besides the impact on the risk of the country and of the Portuguese banks, has had a significant impact on Italian banks, which already resented the resolution process four small banks in that country. The point of the Italian Prime Minister to engage again in creating a bad bank to clean 200 billion euros of toxic waste from the Italian banks and a proposal to provide guarantees to the Italian public banking. And it had an impact on financial markets, with the publication of opinion articles on the bail-in senior lenders in the “Financial Times” and other items on Bloomberg and Reuters. It caused controversy. Forced the ECB to issue a statement.


 
 

Portugal has had, since 2008, successive interventions in the financial system. What motivated so many difficulties?

 
 

The huge increase in debt of companies, families and state that occurred since the end of the 1990s until the end of the last decade, was only possible because it was intermediated by banks, with the Eurosystem funding support. As a result, the Portuguese banking has become much indebted to the outside. Until 1997, the Bank of Portugal forced banks to maintain minimum reserves of 17%. Therefore, for each new euro money deposited, the bank could create a theoretical maximum of 4.9 credit euros. Bank credit was scarce. The ECB, when it was created, reduced reserve requirements for only 2% and changed the monetary policy instruments and procedures. As a result, per euro, the bank started to be able to create a theoretical maximum of 49 credit euros. Credit exploded and interest rates fell. Moreover, the new monetary policy instruments and procedures defined by the ECB allowed the Portuguese banking debt to the outside almost limitless. As a result, in late 2009, the bank was responsible, directly or indirectly, for more than half of the gross external debt of the country and more than twice the gross external debt of the state.


 
 

The memorandum signed with the troika should have safeguarded these issues?

 
 

Part of the memorandum relating to banking was very weak and poorly prepared. They were provided support to EUR 47 billion, including 12 billion to recapitalize the banking sector and the rest in government guarantees. The monies were public, but the management would continue with the former shareholders. The aim was to avoid the word nationalization – that occurred in other European countries such as England. The bank was obliged to return the aid. In the case of Banif, for example, the recapitalization plan would last until 2017. But what was the memorandum was an impossible task set by the troika: in the middle of an adjustment program and unprecedented austerity, national banks, much indebted to abroad, dependent on the national economy, had to clean up and to find, within a few years, private investors for the fund at 47 billion euros! Of course the strategy, unrealistic, had everything to go wrong.


 
 

then you agree with the first – minister, who believes that the problems of the banks were overlooked during the troika

 
 

Yes. The troika worried and concerned – with details, ignoring the elephant in the room. The bailout of the banks represented such 47 billion and rescue the country was 78 billion euros. Therefore, it should have been obvious that the most important component of the rescue the country was precisely the rescue of banking. That is, a large part of the memo should have been on the bank, rather than represent a small part of the document. Another important component of the ransom should have been debt restructuring, which was also ignored – for now the IMF do the mea culpa. The economic value of a decision itself contains important information and interpretation relatively easy. If the rescue of banks is amounting to EUR 47 billion, this signals that the country and the troika should have dedicated many resources to follow this dossier. Instead, the troika and the previous government spent most of the time discussing controversial issues, with much relevance and social impact, but with economic impact to the country of much smaller: the minimum wage, support the unemployed, cuts in health, increased user fees in hospitals, the introduction of fees in Scuts or the number of parish councils, etc. Worried and spent his time with measures affecting perhaps tens of millions of euros and thus did not have time to closely monitor dossiers of EUR 47 billion. Resolutions of BES and Banif are a result of this work methodology.


 
 

How much confidence do you have today in the solvency of the financial system?

 
 

The main problems of national banks at present are not their capital ratios, but its liquidity position, the result of its high foreign debt, and the weakness of domestic economic activity. The bank is still very indebted to the outside, despite the huge level of public aid it has received in recent years the Portuguese state, which in practice takes part of the external debt of banks in this period. This external debt translates into a huge reliance on Eurosystem funding and international financial markets through debt securities. For this reason, the Portuguese banks could face anytime a systemic crisis if you see access to finance from the Eurosystem restricted or is unable to refinance its debt securities in international markets. In particular, the rating agency DBRS down the rating of the Republic in only one level, the Portuguese public debt would no longer be accepted as collateral for liquidity-providing operations, it is likely that the same occurred in relation to many other assets that national banks used as collateral. The national banks would have great difficulty in financing themselves with the Eurosystem and is almost certainly would have to resort to emergency liquidity assistance from the Bank of Portugal.


 
 

CGD will likely strengthen capital target with OE2016. How does the state of the public bank?

 
 

With some concern. Successive governments have injected huge amounts of capital in Box without apparently explanations or consequences. And some strategic decisions Box raise questions. Caixa has a very important role in the national financial system should be preserved and defended. But the EU government institutions understand the importance of the case for national policy makers and use the threat of a potential intervention in the case as a negotiating tool to enable them to do as they please with the rest of the banking system. Portugal should look at how other countries are acting in relation to the Banking Union, in particular, Italy and Germany. There was a bank in Germany that put a process in court because he would not turn out to be supervised by the ECB

 
 
 

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Saturday, January 30, 2016

Banif: Banco Popular offered zero euros’ and reduced 900 workers – Minister – Porto Canal

Lisbon 29 Jan (Lusa) – The Minister of Finance, Mario Centeno, said today in parliament the offers made by Banco Popular and Santander Totta to purchase the State’s position at Banif even during voluntary sale, with first to give zero euros.

“The appreciation of these proposals is complex,” said the official, stressing the difference between the voluntary sale of the state stake in Banif before the resolution and the sale process under the assistance the authorities in the bank.

“The proposal of Banco Santander, as presented by Banif, was to exclude 3,022 million euros of assets and offer a price of 150 million euros. It proposed to return ‘CoCos’ [the last slice of hybrid capital instruments underwritten by the state amounting to EUR 125 million] and pointed to a reduction of 800 workers, “advanced Centeno.

” The assets that the People is proposed not purchase amounted to 7,725 million euros. The Popular proposed to buy only a very small part of Banif and paid zero and reduced 900 workers, “said the minister, at the insistence of MEPs who heard the Budget and Finance Committee.

Mario Centeno he stressed that “all these numbers are valid outside the resolution setting.”

He added that the figures given are only part of the proposals that the two banks that are part of Spanish groups advanced to acquire the 60% the state held in the Banif until it is solved.

“The proposals will be surely of the parliamentary committee knowledge,” said the holder of the Finance folder.

DN / SMS / / JPS

Lusa / end

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Prohibited banks charge for conversion of NIB in IBAN – TVI24

The NIB will be replaced by an international account identifier (IBAN) for all bank transfers made from Monday, but the law prevents banks from charging fees for the conversion.

The end of the Bank Identification Number (BIN) in the European Union was imposed by a European regulation of March 2013 which led to the conversion of NIB in IBAN from February 2014, but allowed the Member States prorrogassem the deadline.

This extension was ordered by the Portuguese Government on 18 October 2013, issued a decree allowing for two more years using the NIB in conducting domestic operations, but enabling banks to make available one NIB converter.

“is established in this law, the right of the payment service providers requesting users to ‘business identifier code’ (BIC code the bank) to carry out credit transfers and direct debit transactions until 1 February 2016 “, reads the preamble to the decree of the Ministry of Finance published on that day.


However, clarified Finance, banks “are required, until February 1, 2016,” to process domestic payment operations requested by consumers in the NIB is used and “can not charge any charges associated with the eventual conversion of the NIB to the ‘international bank account number’ (IBAN) “.

Notwithstanding this obligation, the banks could “demand” to 0 “February 1 this year, both national operations and cross-border credit transfers and direct debits, the payment service users indicate them, respectively, the Business Identifier Code (BIC) the payment service provider of the payee or the payer’s payment service provider.


NIB will disappear on Monday as handle bank accounts, being replaced by the IBAN, but the Bank of Portugal reassures private banking customers about the change, blaming only companies by mandatory IBAN use.

From February 1, the use of NIB will summed up the transfers ordered in ATM network, but mandatory IBAN for the remaining wire transfers, but who has given direct debit orders, to pay for services such as water or electricity has to travel to the bank to make the change from NIB to IBAN.


“For permanent transfers and direct debit authorizations already granted, the banks will make the automatic conversion of the NIB for IBAN” clarified source Bank of Portugal Lusa.


However, according to the same source, private customers are from Monday to move to indicate the IBAN of the accounts payer and the payee, which happens to be the unique identifier of the accounts, and all payments to be started indicating the IBAN, except for domestic transfers in ATM.

For companies already there are more requirements: “The bodies of the Public Administration and companies (with the exception of micro-enterprises) will have to use the ISO 20022 XML format, or sending either on receipt of credit transfer and direct debit files “ warns the Bank and Portugal.


But this change should not, however, cause problems to when companies pay their suppliers or salaries to workers, because the IBAN is very similar to NIB, preceding the NIB 21 digits of the country code, which in Portugal is PT50.

The good perspective was confirmed to Lusa by the Business Confederation of Portugal – CIP: “Businesses dominate issues such as NIB and IBAN are used, and I do not think there will be problems,” said the president of CIP, António Saraiva.

When two months before the deadline set for the end of the NIB and its replacement by the IBAN, the Bank of Portugal issued a recommendation to general government bodies and companies that were not yet using the IBAN to contact their banks and other payment service providers, in order to timely effecting the necessary changes to ensure the smooth realization of its payments and collections.

“The general government bodies and companies that do not use IBAN as identifiers of the accounts and the ISO 20022 XML format in communicating with their banks see will be unable to achieve credit transfers and debits direct (eg, salary payments, payments to suppliers or collections of goods and services), “reads the alert published on December 01.

The IBAN, which was already used in transfers between different countries accounts, and will now also apply to domestic transactions, will allow those who work abroad to receive the salary in your resident account in Portugal or pay the electricity, water or gas from a foreign residence indicating the account domiciled in Portugal.

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Banif cost more resolved than sold – Express

The Portuguese State would have been less damage if it had accepted the first offer to purchase from Santander. The deal, which turned out to close two days later with the same Spanish group, it cost € 2.2 billion. What has changed between the two proposals was being closed the sales process and chosen the path of resolution of Banif. This change was imposed by Brussels and became the heaviest public bill for the benefit of Santander.

This is what we concluded after known the outlines of the original proposal of Santander, the Express was found.

It is recalled that there was a Banif sales competition, launched on 20 November, and had six proposals. The delivery time of tenders to December 18, a Friday, but none was accepted, by requiring state aid, which the Directorate General for Competition, European Commission body, rejected. Because of this it began that same evening a resolution process and sale of assets and Banif liabilities for which were two guests of the six candidates (the others were excluded because they are not banks, condition also imposed by Brussels).

Santander and Banco Popular have negotiated this weekend with the Bank of Portugal, who chose Santander, publicly announcing the deal on Sunday at 23h58, two minutes before the deadline imposed by Brussels.

What has never been made public proposals were presented last week in the sales contest. The private equity fund Apollo made the highest bid, but was excluded for not being a bank. The second best proposal was from Santander. The Express know that Santander offered to pay them € 150 million for the same assets that ended up, but without the possibility to review later, but excluding external operations (Brazil, United States, Cape Verde and Malta) and Açoreana insurer. In addition, the state would lose € 125 million of bonds convertible into capital (CoCos) that Banif had in default since the end of 2014. This is € 125 million which served to Brussels “veto” the sale, as would a new State help.

Instead of this proposal, two days after Santander ended up not buying the Banif but a set of assets and liabilities of the bank. Paid them € 150 million by a pool of assets similar to that of the proposed purchase. The state has lost the same the € 125 million it lent. The difference is that Santander received those assets already capitalized, which improved the capital ratios. In addition, Santander was as lender of Octant (the vehicle that was with troubled assets of Banif) of € 700 million in 10-year bonds, with state guarantee.

The deal eventually benefit group accounts Santander, which paid a price below the book value of Banif recorded a positive impact on their 2015 accounts of € 283 million. The value just was not higher because in the meantime, Santander Totta has made a provision of € 316 million to cover “unexpected situations” that may arise in the Banif credit portfolio, as explained António Vieira Monteiro this week.

Who was against this operation from the beginning was George Thomas, who was chief executive of the bank. “Banif was not sold”, but the target of a “forced liquidation” he said this week (see text below). At a conference in Lisbon, Thomas questioned the legality of the process. “It’s a question that I have,” he said, citing the State Budget: “Under the law, a bank to be capitalized by public aid has to be viable. If the bank has been resolved it is because the Bank of Portugal considered it unfeasible. . If considered unfeasible, could not be capitalized by public aid “He concluded:” On December 20 destroyed in Portugal, without any economic rationale, € 2.2 billion of public savings and about € 250 million private savings. “

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Restoration of VAT only on food falls, remaining at 23% in the drink – Digital Journal

According to prominence in the Público newspaper today, the measure contained in the State Budget (OE2016) that the Government will deliver in Parliament on February 5.

The intention still ” is to restore the VAT to 13% in a short time, all catering services Classes “. But for now, starting from July 1, restaurants will only lower tax on meals to sell to their customers, advances daily on the issue on Friday.

A strategy now chosen by the socialist government was already contained in the report made in 2013 between experts from the Ministry of Finance and the Ministry of Economy, says the newspaper.

According to the report’s conclusions, the entry into force of the measure on 1 July holds a net contribution to the coffers of the state from 49 to 60 million euros. Although the data may be somewhat outdated, will always be below the 175 million that were advanced so far by the PS government.

According to the same study, 84% of expenditure in each meal is concerned, on average, food, beverage fitting to the other 16%.

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Friday, January 29, 2016

Carlos Costa says Banif resolution was triggered by the government – publico

                 

                         
                     

                 

 
 

fact that triggers the resolution communication Government on 19 December, it was not possible to sell the institution “, said yesterday the governor of the Bank of Portugal (BoP), Carlos Costa, before the members of the Budget Committee , Finance and Administrative Modernization. The governor, who forwarded the Banif outcome of responsibilities for António Costa has been giving his point of view to Members, a kind of antechamber that will be the Parliamentary Committee of Inquiry into Banif. Without making an initial statement, Carlos Costa explained that “it was reported” that Banif purchasers would have to have banking license and a size three times the Banif in the domestic market, and five times the size in general.

So, he said, only two Spanish banks, Popular and Santander, fulfilled the requirements, and the People gave up halfway. The governor did not mention, however, that the BPI has the same size of Santander and has no public aid.

bop refused payment of 125 million Banif
Costa also said that the BOP was not involved in the voluntary Banif sale process, a topic the Ministry of Finance, which is why “does not even know the proposals” purchase delivered on 19 December, and only called Santander and Popular when It was told that there was no sale. After some questions of John Paul Correia, PS, Carlos Costa referred to the economic environment and the bank’s management problems that have come to register. “Banif has not been ignored, on the contrary, has been subject to increased supervision. It will be up to the board to explain the difficulties in implementing its recapitalization plan and explain why the successive versions of the plan “never received the green light from the European authorities (Directorate-General for Competition and ECB), he said. Then eventually launch a new situation for the table: The Bank of Portugal has not given the necessary green light for Banif return the last 125 million that the bank still owed contingent capital (so-called Coco’s) because this would weaken the bench swing. Thus, Banif remained in default against European rules, as this value was missing since December 2014.

The Member of BE, Mariana Mortágua, wondered who walked the bop to do to accept for three years a Brussels rejection to eight Banif restructuring plans, and how he had received the Santander on December 18, when the measurement resolution was decided the next day. Already João de Almeida, the CDS asked if the governor had knowledge (as part of the ECB), the imminent needs of capital of Santander, and why it decided to intervene Banif that time, since the one who decides is the Bank Portugal and not the Government. Immune to references to the role of the regulator, Costa said he was unable to comment on the dialogue between the previous government and Brussels and that the BDP had nothing to do with trying to voluntary sale of state shares in Banif, a topic of management and from the government. He admitted, however, that accompanied the process as supervisor.

Carlos Costa said the bop learned that the Ministry of Finance had informed the Directorate-General for Competition (DGCOM) that Banif was with insolvency problems and triggered the necessary mechanisms. Making a point to ensure that did not leave him the information leak to TVI, found that the news of the intervention led to an outflow of deposits, which Banif was a complicated situation.

The Finance, explained the deputy governor, José Ramalho, reported the Bank of Portugal on 18 December that the voluntary sale was shaky, which was formally confirmed the next day. Logo on Friday, the bop began to prepare the measure of resolution, as Brussels prevented the creation of a bridge bank. Before, according to Carlos Costa, the BOP had asked the Banif, on 17 November, a capital enhancement plan. And if the management of Banif knew nothing of the measure of resolution in advance, it occurred for obvious reasons. “: To prevent information leakage

                     
                 

                     

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Maternity Alfredo da Costa closure of suspended – TSF Online

The decision of the South Central Administrative Court has been taken following an appeal application by Ricardo Sá Fernandes.

The lawyer, who brought a class action to challenge the closure of the Alfredo da Costa Maternity (MAC) explains that after the new government took office, declared, under the current process, which ” the current government did not keep the purpose of closing the maternity “for, however, decided to wait for the construction of the new East Hospital and then transfer the MAC for this unit, then” action became useless. “

The court “ruled that the dispute had become useless,” said Ricardo Sá Fernandes

According to Ricardo Sá Fernandes, “neither the Ministry of Health nor the Central Hospital responded to the request” which led the court to understand that “had nothing to oppose to what was being asked.” In this sense, the court, “a change of position of the Ministry of Health and the Hospital”, understood that “was no longer necessary to continue the process.” In practice, is suspended the MAC transfer process to Hospital Dona Estefania.

If decision is not challenged “have a happy ending to this process” says lawyer

The Ministry of Health and the Central Hospital now have five days to appeal the decision. Contacted by TSF, the Ministry of Health shows that will also study the steps to be taken but in principle, will not appeal.

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Banif: Banco Popular offered zero euros’ and reduced 900 workers – TVI24

The Finance Minister Mario Centeno, said today in parliament the offers made by Banco Popular and Santander Totta to purchase the State’s position at Banif even during voluntary sale, with the first to give zero euros.

“The appreciation of these proposals is complex,” said the official, stressing the difference between the voluntary sale of the state stake in Banif before the resolution and the sale process under the assistance of the authorities in the bank.

“The proposal of Banco Santander, as presented by Banif, was to exclude 3,022 million of assets and offer a price of 150 million euros. It proposed the return of ‘CoCos’ [a last slice of hybrid capital instruments underwritten by the state amounting to EUR 125 million] and pointed to a reduction of 800 workers, “advanced Centeno.

“The assets that the People proposed to not purchase amounted to 7,725 million euros. The Popular proposed to buy only a very small part of Banif and paid zero and reduced 900 workers,” said the minister, at the insistence of MEPs who heard the Budget and Finance Committee.

Mario Centeno stressed that “all these numbers are valid outside the resolution setting”.

He added that the figures given are only part of the proposals that the two banks that are part of Spanish groups advanced to acquire the 60% stake that the state held in the Banif until resolution.

“The proposals will be surely the knowledge of the committee,” said the holder of the Finance folder.

On the other hand, Centeno said that Portuguese banks (CGD, BCP and BPI) who received state support in 2012 were prevented from participating in the race to the purchase of Banif, since one of the conditions imposed at the time – in force when the ‘troika’ program – was that they could not shoot for the purchase of banks in the two years following the recovery of the aid.

It was after 23:00 when they finished the work of the Budget and Finance Committee, which had begun at 17:00, and where today passed the governor of the Bank of Portugal and the Minister.

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South Central Administrative Court postpones closing of the Alfredo da Costa Maternity – The Ball

                     

                         
                         
                         “I do not see myself coaching another club … ‘- Wenger – Fulfilling the 20th consecutive season as coach of Arsenal, Arsene Wenger is a year and a half to finish contract with the club.
 
 “I still have 18 months contract, it is an eternity in football. I want to give everything until the end of time and then finish the next, “said the Frenchman at a press conference.
 
 For Wenger, coach another club is out of the question:
 
 - I do not see me train another club. I am fully committed to Arsenal and at the moment I do not see me train somewhere else.
 
 “While you have hands, I will always work. I’m not sure as a director, or to train young, developing players, can play huge roles’ shot.
 

                     

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Alfredo da Costa Maternity no longer closes – TVI24

The South Central Administrative Court declared extinct action concluding the Alfredo da Costa Maternity (MAC), in Lisbon, and the transfer of services to the hospital D. Estefania, also in Lisbon, according to a court ruling released this sexta- market.

The South Central Administrative Court considered that there was an “objection of inadmissibility,” after the current Ministry of Health, directed by Adalberto Campos Fernandes, and those in charge of the Hospital of Lisbon Central Centre not having opposite, not answered, a requirement that the lawyer Ricardo Sá Fernandes joined the process in December 2015.

In the application, to which the Lusa agency had access, the lawyer states that “being in office a new government, it is the court to consider whether such purpose [of motherhood closing] remains within the framework established by the Executive earlier,” noting that it is “very likely, for what is common knowledge, that this is not the option of the current Government “ , led by António Costa.


Ricardo Sá Fernandes required so that current responsible for the Ministry of Health and by Central Lisbon Hospital Center were notified by the court to “say to keep the MAC closing purposes (…), so that, in the face of this information, it can assess the occurrence or not of a situation of uselessness supervening of the dispute “, namely that the process is now useless.

When checking that there was no opposing party opposition (Ministry of Health / Hospital Lisboa Central center), the judge judge rapporteur Antonio Vasconcelos considered that it was facing a “situation effectively adjudicate” the dispute with the “consequent extinction instance”.

With the end of the conflict that has dragged on since 2013 around the MAC, as a result of the decision now taken by the court, Ricardo Sá Fernandes welcomed, in a statement to Lusa, the fact that this case have had “a happy ending”, avoiding the negative consequences that the eventual closing of the MAC would have to Lisbon’s population.

Faced with the decision, the Ministry of Health told the Lusa agency that expressed the desire to “not proceed with litigation” surrounding this case.

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DBRS warns of the danger of a disagreement between the Government and Brussels – publico

                 

                         
                     

                 

 
 

The DBRS, the only major agency rating International that does not give the Portuguese debt a rating of “rubbish”, is concerned by the possibility of a prolonged confrontation between the government and Brussels that places the credibility of the commitment of Portugal with the European budgetary rules, warning that may be necessary for the Government to reach a compromise with a “higher fiscal effort.” DBRS leaves unclear who is always evaluating the scope change the rating assigned to the country.

In comments sent to various media on the Budget Outline content State delivered last week by the Government, Adriana Alvarado, the analyst at DBRS, an analysis which is similar to those already made by other agencies rating . Says the official targets for the deficit are “ambitious” and points out that, in particular, the projected economic growth of 2.1% this year “seems optimistic.”

The Economist also notes that ” there is a degree of uncertainty about some of the measures in terms of revenue and expenditure control. ” “Therefore, the official target of 2.6% of GDP deficit by 2016 seems ambitious and can prove to be challenging to achieve.”

Adriana Alvarado then gives special attention to the real effort of fiscal consolidation What is implied in the budget plans of the government, showing it was concerned about a prolonged conflict scenario between Portugal and the European authorities on this matter. “The structural adjustment seems modest,” says the analyst, who although noting that the improvement in the indicator is an improvement compared to the increase recorded last year, remember that still is below what is required by the European Commission.

DBRS shows give much importance that there is an understanding between Brussels and the Portuguese Government, warning that “a commitment to achieve a higher fiscal effort may be necessary.” “A disagreement unresolved with the European Commission could call into question the commitment of the Portuguese Government with EU budgetary rules,” says Adriana Alvarado.

The concern of DBRS with the way the government relates with the European authorities, it comes at a time when the European Commission revealed serious reservations about the OE outline presented by Portugal and may be preparing to require the Portuguese Executive send a revised version of the document.

Adjustments to rating always being evaluated
The rating Canadian origin passed in recent years, to play a key role in Portugal. Among the four agencies which are considerable by the European Central Bank (ECB) as eligible to assess the quality of the assets that are accepted as collateral for their loans, is the one that gives the Portuguese public debt an rating above the level of “garbage”.

A note from DBRS is currently at BB-, precisely the level immediately above the level of “garbage”. If the DBRS lowered the rating , the Portuguese public debt could no longer be used as collateral when, for example, a bank resorted to normal ECB funding lines. Similarly, it is possible that the ECB could no longer buy Portuguese debt under the program of buying assets of the entity headed by Mario Draghi is trying to revive the European economy.

The consequences could be so very serious, not only for Portuguese banks, and for the state that certainly would see interest rates soar debt.

Adriana Alvarado is very prudent when speaking of the impact that budgetary plans submitted by the Government may have the rating assigned by DBRS. But leaves some clear messages. “We are monitoring the developments and we will evaluate the Government’s response to the additional requirements of the European Commission and any budgetary pressures that might emerge,” says the analyst, making it clear that what we want to see is “a credible commitment to fiscal adjustment that Support the sustainability of public finances “. “We monitor continuously developments in Portugal in order to assess whether there should be some adjustment in their ratings “, he concludes.

The next scheduled date for announcing a decision on the rating Portuguese by the DBRS is the 29th of April.

                     
                 

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French economy grew 1.1% in 2015 with slowdown in the fourth quarter – Digital Journal

The Gross Domestic Product (GDP) French in the fourth quarter 2015 increased by 0.2%, decelerating to 0.3% from the previous three months. However, growth of 1.1% of the second largest euro zone economy in 2015 compared with 0.2% in 2014 and is the highest in the last four years.

The performance of the French economy was below the projected rate for the euro area, which should have increased 1.5% in 2015. A breakdown of the components of the French product, the final consumption expenditure of households increased by 1.4% in 2015, while business investment has progressed 2 %.

On the external side, exports increased 5.9%, while imports advanced 6.1%, resulting in a negative contribution to the growth rate.

Digital Money with Portuguese

<---->

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Turnover in retail with annual decline in December – Saturday Magazine

Turnover in retail with annual decline in December

The turnover index in retail trade recorded an annual decline of 0.8% in December. But the employment, wages, and hours worked accelerated.

12:49 • Business

David Santiago – Business Journal

The report released this Friday, January 29, the National Statistics Institute (INE) shows that the turnover index in retail trade recorded a negative annual change of 0.8% in December, compared with an annual increase of 0.8% that was recorded in November.

According to INE, the drop recorded in December by this index, parsed data adjusted for calendar effects and seasonality, was due mainly to the behavior of the group of non-food products, which after an annual increase of 2 , 7% in November rose to a negative annual change of 2.1% in the last month of 2015.
also with regard to the monthly change this index had a worse record in December. After contracting 1.6% in November shrank 1.9% in December, bringing to two the number of consecutive months in which the index in the retail business recorded negative variations.
Conversely , employment and wages in the retail sector accelerated in December 2015 compared to the same period in 2014. The employment rate and wages in retail trade had an annual growth of 3% in December last year, which represents a acceleration due to the positive annual change of 2.3% achieved in November.
already with regard to the monthly variation of this index, it turns out, despite the positive developments, which in December there was a slight cooling relative to the growth recorded in November. In December, employment and wages grew 1.1% compared to November, the month in which it was registered an increase of 1.6%. Still, it’s the second month in which this index gets a positive change after the contraction of 0.3% recorded in October.
Finally, the index of hours worked in retail trade accelerated in December both in terms of annual change as monthly. So after the annual rise of 2.3% recorded in November, this index obtained a 2.7% increase in December. There are already 10 months in a row that the index of hours worked has positive annual changes.
Already in monthly terms, the volume of hours worked in retail increased 4.4% in December compared to November. Since the fall of 1.5% achieved in August 2015, hours worked have consistently increased.

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Thursday, January 28, 2016

Economy Minister resignation is a blow to government Abe – Daily News – Lisbon

Prime Minister of Japan, Shinzo Abe, yesterday suffered a blow to its economic plan with the resignation of Economy Minister. Akira Amari decided to stop the political activity one week after being accused of corruption by the media.

Amari announced his resignation at a press conference but denied having acted illegally. The Japanese Minister of Economy apologized for causing “concern and problems” and jeopardize public confidence in the Abe government. “Japan is finally getting out of deflation. To create a strong economy we need to take certain essential laws in parliament and all obstacles should be eliminated. I am no exception,” said Amari, 66, during the press conference.

The Japanese journal Weekly Bunshun found that Amari and his aides have accepted a bribe of 12 million yen (93,000 euros) for a construction company.

Minister of economy since 2002, Amari was considered the government’s key man of Prime Minister Abe and one of the architects of the economic plan – Abenomics – thought to pull Japan out of deflation in the past two decades has kept the economy stagnant Japanese.

According to Mariko Hi, BBC correspondent in Tokyo, fiscal policies and structural reforms of the new economic plan Abe did not convince many people and the resignation of the minister of the economy comes up even more questions concerning the designs of Japanese Prime Minister: “It is probably the biggest scandal that the Abe administration has faced”

The successor to the Amari in office will be Nobuteru Ishihar, former Minister of the Environment <. / p>

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Government falls VAT part of the restoration products – TSF Online

The government plans to lower VAT on food sold in restaurants but the drinks will continue to be taxed at 23%.

The only drinks that fall from 23% to 13% are those that fall in the cafeteria of products:. milk, coffee and water

Soft drinks and alcoholic beverages such as wine and beer remains at the normal rate of 23%.

The news was released by Expresso and has been confirmed by the TSF.

The descent of the 23 tax % to 13% is expected to come into force in July this year.

Antonio Conde Pinto, the chief executive of APHORT considers that it is a step backwards compared to what was expected and what was promised in the socialist electoral program.

Antonio Conde Pinto, the CEO of Association the Hospitality Business, Catering and Tourism (APHORT) shows up disappointed. He believes that it is a step backwards compared to what was expected and what was promised in the socialist electoral program.

The Association of Restaurants and Similar of Portugal, is hoping that this is a matter that is not yet closed

Now José Manuel Esteves, CEO of ARESP , the Association of Restaurants and Similar of Portugal, believes this is a matter that is not yet closed especially since there is a question of law upstream.

PSD to will no longer comment on this matter. Considers that the draft of the state budget presented by the government will still undergo many changes and so prefer to wait for the final version of the state budget proposal for 2016.

TSF know that The Government views this measure as a progressive measure. Ie can later down the VAT of other products.

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Italian tax authorities claim more than 200 ME at Google for tax fraud – RTP

 The American search engine Google to 200 million euros of copyright in taxes and taxes of 100 million euros profit undeclared, according to this source, a total of about 227.5 million euros of tax due and unpaid.
 

 The rate of tax on corporate profits is 27.5% in Italy.
 

 “Google respects the laws on taxation in each country where it operates. We continue to work with the relevant authorities,” a spokesman for Google, quoted by AFP.
 

 The US multinational should receive notification from the Italian authorities today, according to the same judicial source.
 

 In late December, the US group Apple agreed to pay over 300 million euros in Italy to pay off the accounts with the tax authorities after an investigation similar for tax fraud.
 

 Apple Italia was accused by the tax authorities have not paid the tax on profits between 2008 and 2013, as Google in this new investigation.
 

 Google and other US multinationals, like Amazon or Facebook, are regularly accused of wanting to escape the taxes, or in the States or in Europe, for example by choosing to settle in countries where taxation is more favorable to them.
 

 Many of these multinational called into question, including Google and Amazon, defended themselves in November in the European Parliament, stating that took seriously their tax obligations.
 

 MC // MSF
 

 Portuguese / End
 

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Santa Apolonia station is likely to have hotel – Renaissance (press release)

The president of Infrastructure Portugal (IP), António Ramalho, revealed this Wednesday, the station of Santa Apolonia, Lisbon, will keep the rail terminal, but with commercial exploitation, even if the possibility of come to a hotel.

“We would like to have the Santa Apolonia valued station with railway terminal, but commercial use, because the other side will be the Cruise Terminal,” said Antonio Ramalho, when questioned by the PCP Bruno Dias deputy on plans for the train station in Lisbon.

The question comes after last week the representatives of trade unions of the former REFER denouncing “the dump workers in installations which gradually are being real estate business.”

In the commission of Economy, Innovation and Public Works, António Ramalho admitted the possibility of Santa Apolonia come to a hotel, giving the successful example to other buildings owned by the public company, such as the Rossio station generating an annual income of one million euros.

Still, the official assured that plans for the Santa Apolonia train station maintain their rail terminal vocation.

“We are trying to enhance the seasons,” he stressed, still giving the example of São Bento station in Porto, “one of the most beautiful in the world”, which receives about 4,000 visitors a year who do not They go by train.

No need to plan for the station Porto train, the official said that “the sides had fire trucks and scrap of old compositions,” considering that it was not “an example to maintain.”

About successive changes of the position of former employees Refer and Estradas de Portugal, following the merger of two public companies, António Ramalho devalued the issue, with only 13 people will have to make three changes and that there are workers to move from the Coimbra Palace to Santa Apolonia, which are distant 100 meters.

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Tax authorities claim more than EUR 200 million to Google for tax fraud – The Ball

                     

                         
                         
                         “I submitted the resignation? You write what they want … “- Van Gaal – The Manchester United, Louis Van Gaal, is very angry with all the news about its alleged dismissals and assured that everything is just a invention of the English Press.
 
 “I submitted the resignation? I guess I never in my life said that. You invent history and then I have to answer all these stories. I will not do that because I think it unbelievable and horrible that you can write that, “said Van Gaal, in press conference.
 
 The experienced coach, 64, admitted he is tired of this situation.
 
 “I am very concerned that people continue to believe what has been written, because I have received many SMS calls. In this world you can write whatever they want and not have to check anything. ”
 

                     

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Japanese finance minister resigns due to bribes scandal – Jornal de Negócios – Portugal

The Japanese Economy Minister Akira Amari, one of the main responsible for Abenomics program, announced this Thursday, January 28, resigned from office at a time that is involved in a political funding scandal accused of receiving bribes from a construction company.

At a press conference broadcast live on television, Amari, one of the closest rulers of Shinzo Abe denied receiving bribes.

According to the minister, was in fact money from a construction industry businessman, but gave express orders their assistants so that these “payments” – about 12 million yen (more than 93,000 euros) – were registered as political donations. A statement stresses that have not been fulfilled.

The minister says not guilty, but does not want the scandal harm the government or deviate from your fundamental objective, which is to take the country out of deflation. So it will take responsibility for the alleged “mistakes” of his aides.

“Japan is finally emerging from deflation. We need to pass legislation in Parliament to overcome deflation and create a strong economy as soon as possible, “said the minister at a press conference, quoted by Reuters. “Anything that hinders this should be eliminated, and I am no exception,” he argued. “I would therefore like to resign as minister to take responsibility (for what my advisors did).”

Last week, the Japanese magazine Shukan Bunshun published an article accusing Amari and their aides from accepting money from a construction company in exchange for helping the company to receive government compensation under land ownership on disputes and removal of waste in a place of public works.

Amari has played a leading role in the prime minister’s economic policies, and led Japan’s negotiations for the Trans-Pacific Partnership.

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Japan’s Minister of Economy resigns under suspicion of violating Law on the Financing – publico

                 

                         
                     

                 

 
 

The minister of Japan’s economy, Akira Amari, one of those responsible for the economic stimulus program to combat deflation (known as “Abenomics”), resigned from office, a week after a Japanese magazine reporting that the ruler will receive a construction company money not declared.

The Japanese press reported that the minister and employees of his office have received money from a Chiba company, Tokyo East.

Akira Amari is considered one of the main supporters of the strategy for economic growth and the development of trade conducted by Prime Minister Shinzo Abe. It is according to financial news agency Bloomberg, the most influential minister to resign since Shinzo Abe returned to power as prime minister in December 2012.

The economy minister was one of those responsible for the negotiations of the Trade Partnership Asia-Pacific (TPP in the English acronym), which brings together 12 countries and brings in this new economic bloc that took five years to negotiate, 40% of exchanges made throughout the planet. Akira Amari was also next to the Prime Minister on the strategy of economic stimulus and combat deflation, led by the prime minister.

The case which came to force the resignation of the minister has to do with a suspected the ruler will have violated the law of political financing. According to the magazine Shukan Bunshun, Amari and elements of his ministerial team will have received at least 12 million yen (about 93,000 euros). The magazine, which claims to have in their possession documents and recordings on the case, writes that the minister will personally received at least one million yen (about 7800 euros).

In Japan, writes AFP, the law of political financing allows companies with profit and without public subsidies to grant donations, but only to the parties and not directly to governments.

“Given my responsibility as a parliamentarian, my duty as minister and my pride as a politician, I renounce my ministerial portfolio as of today, “he announced at a press conference.

” The economy is about to leave a 15 deflation period years. We must adopt a series of laws as quickly as possible to achieve a strong economy, and we must avoid any obstacles [this strategy]. I will not be an exception, “said the outgoing minister.

Akira Amari was Minister of Labour, passed by the Ministry of Economy, Trade and Industry and when, in late 2012, Abe returned to be Prime Minister Amari took over the portfolio of economic revitalization.

When Shinzo Abe served as prime minister in 2006 and 2007, faced other layoffs. The Amari scene output is considered a setback for Abe, who faces elections to the Senate in July.


                     
                 
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Banco Santander earned 5966 billion – Correio da Manhã

Amount related to 2015.

Banco Santander made a profit of 5.966 billion euros in 2015, a figure 2.6% higher than the previous year due to “provisions”, without which profits would have increased by 13%, this was published Wednesday.


a statement sent to the Spanish market regulator, the CNMV, the bank led by Ana Botín explained that without the provisional appropriations, Santander’s profits would have increased by 13% to 6566 million.


“In a year with an international economic environment complex, with interest rates historically low the key currencies for the group, such as the euro, the pound or the dollar, “Santander” has a good outcome, “indicates the administration of the bank, giving as an example the 6% growth in lending and 7% in fundraising.


Santander allocated to different appropriations of the 1.118 million euros of non-recurring results of this exercise.


Of this amount, 835 million come from the reversal of tax liabilities in Brazil and other 283 million from the International Bank of Funchal (Banif).

“not positive recurring result”
Santander included the purchase Banif results in 2015 as a “positive non-recurring income” of 283 million euros, despite having paid 150 million euros for the Portuguese bank.


In the report accompanying the annual results Santander – which earned 5.996 billion euros in 2015, 2.6% more than in the previous year. – Banif is mentioned once in “[effects] not positive recurrent”

That is, the Santander Banif values ​​in its accounts in 283 million, a value above 150 million that the Spanish bank paid by the Portuguese entity.


Last week, the Portuguese parliament , the deputy of the PSD Antonio Leitao Amaro called for support from all sides for holding, together with the commission of inquiry of “external and independent audit” to the process that led to the sale of Banif Santander to determine the responsibilities of all stakeholders and governments “without exception”.


Among the questions that pointed on the process, the Social Democrat deputy questioned whether what was done “was to solve the same or went to Banif capitalize Santander “, considering that Santander awarded a” jackpot “.

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