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Tag Archives: legislation

Motorway tolls provoke strong opposition

Following legislation passed on 9th September to introduce tolls on the A22 by April of next year, a public meeting has been convened in Loulé for this evening, 20th September, to form a Via do Infante Users’ Commission in order to coordinate opposition to the “unjust and unacceptable” toll scheme.

A22 Motorway Algarve

Photo credit: Elisabete Rodrigues

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Tolls to be charged on the A22: what you need to know

According to a resolution of the Portuguese Council of Ministers approved today 9th September, toll booths are to be installed on the A22 (Via do Infante) motorway, to become operational on 15th April, 2011.


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New Banco de Portugal rules concerning some offshore companies

With effect from 17th September, 2009, Portuguese financial institutions and branches in Portugal have been prohibited by the Bank of Portugal from extending credit to entities in so-called tax havens considered un-cooperative or whose ultimate beneficiary is unknown.

The Bank of Portugal considers a tax haven as a jurisdiction that “aims to attract a significant volume of business with non-residents, particularly due to the existence of less stringent procedures for obtaining authorization under the banking and supervisory regime in respect of banking secrecy, tax advantages, differentiating in the law between residents and non-residents or enabling the setting up of special purpose vehicles.”

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