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9 February 2013

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Tax amendments approved

On 29 October 2012, the Official Gazette published Law 55-A/2012, published in the Republic Gazette amending the Personal Income Tax Code (Código do Imposto sobre o Rendimento das Pessoas Singulares), the Corporate Income Tax Code (Código do Imposto sobre o Rendimento das Pessoas Colectivas), the Stamp Duty Code (Código do Imposto do Selo) and the General Tax Law (Lei Geral Tributária). As general rule, the new law is effective as from 30 October 2012, unless otherwise indicated. The main changes are summarized below.

Corporate Income Tax Code

-   New tax rate of 35% (previously 30%), applicable to the following types of income:
-   investment income paid, or made available, to bank accounts whose beneficial owner is not disclosed; and
-   investment income obtained by entities resident in blacklisted territories.

General Tax Law
New rules regarding the assessment of taxable income based on external signs of wealth are introduced. According to the new rule, such method can be applied if there is a difference of 30% (or more) between the net income reported by the taxpayer and that determined by the General Tax Code according to the external signs of wealth displayed by the taxpayer (previously this method could only be applied if the difference was 50% or higher). The amendment to the General Tax Code is effective from 1 January 2012.

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