Tiago Marreiros Moreira in Público and Jornal de Negócios newspapers

The Secretary of State for Tax Affairs, Paulo Núncio's decision on taxing economic groups dividends has come to provide more advantages to companies than what was foreseen by the Center for Tax Studies (Centro de Estudos Fiscais -CEF) of the Ministry of Finance.

However a Dispatch recently drafted by the tax authorities (DGCI) has come to meet with the opinion from the CEF, which might possibly give rise to controversy, says Público newspaper in its 14 November edition, adding that "it was Vieira de Almeida & Associados law firm who first presented a written request for clarification, at the beginning of 2011, under the cooperation agreement".

Jornal de Negócios newspaper also addresses the issue adding that "the opinion drafted by CEF is in disagreement with the one presented by the Corporate Tax services (SIRC)".

Concerning corporate tax payment or exemption by holding companies, the newspaper states that "the SGPS holding company will be subject to tax whenever the holding company's activity is dedicated exclusively to this purpose. However, Vieira de Almeida & Associados (VdA) partner and Tax specialist Tiago Marreiros Moreira stated that "In Practice, the State takes with one hand [in the dividends] what has previously granted with the other [an exemption on capital gains]."