Over the last decade the Portuguese annual budget has often produced what can be referred to as periodic 'tax-quakes', making radical structural amendments to Portuguese tax legislation. After 10 years of tax budgets aimed at harmonising the tax regime, simplifying administrative procedures and bringing it in line with EU directives, the time has arguably come for measures which stimulate foreign investment and the internationalisation of the Portuguese economy.
The due diligence process can be defined as the means by which an investor undertakes the relevant investigation and evaluates an investment opportunity before committing funds, including, inter alia, the gathering of data, the analysis of such data in order to identify any risk areas or circumstances and the use of the information obtained to set out the price and the commitments of the parties to the transaction – especially the vendor's representations and warranties, the compensations payable in case of breach of these commitments and the drafting of walk away clauses for the benefit of the investor.
Portugal has taken an important step toward the implementation of an internal energy market based on wave power. An ambitious goal has been set to create a wave power cluster that would allow Portugal to ultimately export technology and know-how, as Denmark accomplished with its early development of an onshore and offshore wind industry.