CORPORATE GOVERNANCE
Although it is common to hear the term “Corporate Governance” when providing suggestions to shareholders on how to improve the legal corporate policies and bylaws of the company, the concept Corporate Governance is not always well understood.
By Corporate Governance we refer to the set of principles and norms that regulates the organization, integration and functioning of the different decision-making bodies of a company, these being:
The Portuguese Labour Code sets forth in its Section 131, paragraph 3, that the continuous training to be provided to employees can be carried out directly by their employer. Being the case, a professional training certificate must be issued and the record of such training in the individual skills register form must be done, according to the Portuguese Skills Systems Legal Regime. Continuous training may also be provided by a training certified entity or by a competent educational establishment.
Decree-Law no. 52/2010, of 26 May 2010, amended the procedural rules and evaluation criteria for prudential assessment of an intended acquisition and increase of qualifying holdings in financial entities.
The referred Decree-Law amends: (i) the thresholds triggering a prior authorization from the regulator for the acquisition, increase or decrease of holdings in financial entities; (ii) the rules on aggregation of holdings for purposes of assessing if a threshold has been reached.
By way of its Revenue Procedure (IN) No. 1037/2010, the Brazilian Federal Revenue Service (RFB) published the new list of countries or dependencies providing favored taxation and/or under privileged tax systems.
As provided for the said Revenue Procedure, construed as countries or dependencies not imposing taxation on income or doing so at a rate lower than twenty percent (20%), or as those which domestic laws do not allow access to information concerning the ownership structure of legal entities or their shareholders’ identification are the following jurisdictions:
The Brazilian Central Bank is receiving statements of Brazilian Capital abroad belonging to by residents in Brazil holders of amounts of any nature, currency assets, property and rights held abroad, that come into an amount that is equivalent or exceeds U.S. $100,000.00 (one hundred thousand American dollars).
Published on July 26 and entered into force yesterday, the expected Law 15/2010, of July 26, amends the Personal Income Tax Code, creating a new taxation regime for capital gains on securities, regardless of how long the securities were held for, at a tax rate of 20%.
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