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Forestry tax breaks instead of fines

monchiqueWelcome news was released today indicating that the Government is preparing amendments to allow all investment in forestry to be tax deductible.

This guarantee of positive and helpful legislation was announced by the Minister of Agriculture, Assunçao Cristas at 'The Forest in Portugal' conference.

VRSA borrows another €25 million

vrsaIf borrowing your way out of trouble is the objective, then the Municipality of Vila Real de Santo António should be celebrating as news of the approval for funds under the Programme to Support the Local Economy in the amount of €25.6 million was released today.

Alongside this measure is a formalised loan agreements with a syndicate of seven banks for another €33.3 million. The two loans are part of a ‘financial adjustment plan’ for the indebted municipality based on the formula ‘borrow more: pay less - for now at least.’

Barclaycard use ends for expats

4775Britain’s largest credit card company, Barclaycard, has written to some 39,000 expats who have not used their card in at least six months to say that they must now provide a UK address or face losing their card.

Manoj Piplani, managing director of Barclaycard UK said: "We periodically review accounts, both in the UK and internationally, and if we become aware that a customer hasn’t used their account for more than six months, we'll close their UK Barclaycard account, after giving them time to make alternative arrangements.

Expat exodus from Spain

4698Almost 88,000 British expats left Spain last year, according to figures released by Spain’s national statistics institute.

Town halls in Spain maintain registers of residents and these showed a drop of 23% during the course of 2013. At the beginning of January 385,179 were registered but that fell to 297,229 by the close of the year.

Primark braves America

primarkIrish clothing manufacturer Primark is planning to launch in the US.

The discount clothing retailer plans to open first in Boston and to branch out in the American north east in 2016.

Loulé ratepayers fund council folly

cafelouleThe proposal by a heavily indebted Loulé council to acquire an art deco café next to its offices was approved at the last meeting of the chamber.

Loulé Municipal Council is now to spend €182,000 of ratepayers' money on the building, the approved proposal will be signed off in a meeting on 30th April.

Santander blow in 'Swaps' contracts litigation

santander2Portugal’s Finance Minister, Maria Luís Albuquerque, agreed to litigate with Banco Santander Totta in a British court, saying at the time that Portuguese courts had no jurisdiction.

The High Court of Lisbon has decided otherwise in relation to another case and the inference in today’s news is that a Portuguese court would be more sympathetic to the government, and hence the taxpayer who has been saddled with escalating loan service costs for Portugal’s nationally owned companies that signed toxic Swaps contracts.

Welcome amendments to seaside and cliff-top property ownership laws

seasidevillaIn a welcomed collaboration between the main political parties which form Portugal’s ruling coalition the requirement for owners of property near the seashore and rivers to prove occupancy before 1864 is likely to be amended in such a way as to make the law useable.

The current time limit for owners to prove their properties existed prior to D. Luís’ 1864 Royal Decree is by the end of June, but the parliamentary majority of the PSD and CDS are to table amendments to the law to remove these impractical, costly and often impossible obligations.