Tuesday, 30 May 2017
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In a recent article here in the algarvedailynews, 'Real Economy vs Faked Finances' I wrote about the mess Econometrics is in. For instance, monetarism says that financing brings wellbeing, but it ignores the fact that welfare is not only measured in material wealth. Some expenditures in public accounting are bad, like avoidable hospital expenses in dealing with obesity. Instead of using GNP, which also has some avoidable expenses, the UNDP for decades has been using GINI, where wellbeing is added to the pure financial accounting.

Tax planningThe Portuguese government is stepping up its fight against tax evasion again, doubling the number of tax inspectors and investing in new technology.  It is important to ensure that all your tax planning is fully legitimate.  

The proposed state budget for 2014 does not include any increases to the income tax rates or fixed rates applied to investment income.  However the government is looking to increase tax revenue anyway through its crackdown on tax fraud and evasion.

Blevins FranksRead the most popular recent articles from Blevins Franks concerning Spain and Offshore Assets, automatic exchange of financial information, tips for a secure financial retirement abroad, and the UK tax man targetting rental income.

W: www.blevinsfranks.com
E: gavin.scott@blevinsfranks.com
T: 289 350 150

When will interest rates rise?British savers have already had to endure over four years of minimal interest rates.  Forward guidance by the Bank of England in August signalled that we would have to wait another three years for an improvement.  However, the economy recovery has since strengthened, will this affect interest rates?

The UK Office for National Statistics confirmed on 25th October that gross domestic product (GDP) grew by 0.8% between July and September.  This was the fastest growth in output since spring 2010, and follows on from 0.7% growth in the second quarter and 0.4% in the first.

UK Taxman Targets Rental IncomeAs tax authorities everywhere look to increase tax revenue, rental income is coming under closer scrutiny.  If you rent out property, whether in Portugal, the UK or elsewhere, you need to be sure that you are paying tax correctly. 

It is quite easy to make mistakes, especially if the property is located in one country and you are resident in another.

The Final Report  and Recommendations of the Independent Commission on the Future of the Cyprus Banking SectorThe Final Report  and Recommendations of the Independent Commission on the Future of the Cyprus Banking Sector.

CLICK HERE to read the report.



Following court rulings in Spain, where the handing over of  mortgaged property was deemed sufficient repayment of the loan, Espirito Santo Investment Bank has lost a landmark case in Portalegre on the same point of law.

Espírito Santo Investment Bank, believes that the decision of the Court of Portalegre, on the liquidation of a housing loan by the delivery of the property to the bank, will have "at this time, a limited impact Portuguese banks.” They wish, as this ruling could end the fundamental unfairness of the Portuguese system.

LawThe Portalegre ruling, that a property returned to a bank will wipe clean the mortgage debt, has delighted consumer groups, and has worried banks.

A working group from the Ministries of Finance, Economy, Justice, and the Bank of Portugal, is reviewing the decision of the court in Portalegre.