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25 March 2013

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Budget Law for 2013 – Tax benefits

On 31 December 2012, the president signed the 2013 Budget bill into law. The most significant measures regarding tax benefits are as follows.

(a) Tax regime for support to investment (RFAI)

-   The Tax Regime for Investment Support (RFAI) is extended until 31 December 2013.

(b) Incentives for the acquisition of companies in distressed economic situation

-   From 1 January 2013 onwards, the regime of incentives applicable to the acquisition of companies in a difficult economic situation, for cases approved by the Coordination Office for the Recovery of Companies (GACRE), may also apply to situations approved by the Institute for the Support of Small and Medium Enterprises and Innovation (IAPMEI) within the framework of the Incentive System for the Revitalization and Modernization of Companies (SIRME).
-   In general terms, the regime foresees the possibility of deduction of tax losses assessed, but not yet offset by the acquired company, in the 5 fiscal years preceding the application of the regime, against the taxable profit of the acquiring company, in proportion of its participation in the share capital of the acquired company, capped at 60% of such taxable income and as long as such tax losses are still within the carry-forward period allowed by the CIT Code for tax losses.

(c) Special tax regime applicable to debt securities issued by non-resident entities

-   PIT and CIT exemption on income from debt securities representing public and non-public debt issued by non-residents is maintained. The exemption applies provided that the income is considered to be obtained in Portugal, under Portuguese tax rules, and paid by the Portuguese State as a guarantor of the obligations undertaken by the entities in which it owns a participation, together with other EU Member States.
-   This exemption applies to effective beneficiaries that fulfil the requirements stated in the legal diploma of the debt securities regime.

(d) Tax regime applicable to external loans

-   The CIT and PIT exemption, applicable on interest derived from Schuldscheindarlehen loan agreements signed by the Public Treasury Institute (IGCP), on behalf of the Portuguese Republic, provided the creditor is not resident in Portugal and has no permanent establishment herein to which the loan can be allocated to, is extended to 2013.
-   The tax exemption depends on the verification by IGCP of the established requirements.

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