EDP sold six dams in the Douro Basin to a consortium led by Engie for € 2,200 million (Miranda, Picote, Foz Tua, Baixo Sabor and Feiticeiro).
The implementation of the agreement, as it concerns the concession of water resources, depended on the approval of the state, namely the Portuguese Environment Agency (APA) and the Directorate-General for Energy and Geology (DGEG) under the supervision of the Ministry of Environment and Climate Protection.
It is for this reason that EDP provided the Portuguese Environment Agency with all elements of the deal in detail, especially those related to the selling price and business model, including a spin-off and two mergers. These elements are described in the addendum to the concession agreement dated December 16, 2020.
So if mr. The Environment Minister approved the agreement on November 13, 2020 and signed the addendum to the concession agreement on December 16, which had consumed it.
The operation was carried out without any financial contribution from the Portuguese state. IT wouldn’t pay taxes. With his approval, he thwarted the possibility of collecting 110 million euros in stamp duty, which is legally allocated to the Fund for the Development of the Lands of Miranda.
Therefore, when the Environment Minister approved the sale under the conditions proposed by EDV, he also approved the sale without paying taxes.
This offers the EDP additional protection with regard to its tax responsibility. If EDP is ever asked to pay taxes, it always says that the Portuguese state has approved the sale without paying taxes.
In addition, on 28 December in Miranda do Douro, the Minister of the Environment, accompanied by the Secretary of State for Taxation, told the media that the company was not subject to stamp duty, IMT or IMI. increased protection for IT.
Declarations accompanied by the Secretary of State for Tax Affairs, who oversees the tax authority, are binding on the Portuguese state and aim to condition the tax authority, which is the only body authorized to enforce the tax collection. In the meantime, and to explain, there is an amendment to Article 60 of the Tax Advantage Act, which gives the stamp duty exemption.
Mr. With his action, the minister jeopardized the possibility of ever charging taxes to EDP and Engie.
Hence the fundamental problem is not the tax responsibility of the computer.
The main problem is the government’s political responsibility.
The Portuguese have a right to know:
Why the government did not ask for a financial contribution from EDV. Why the government approved the sale without guaranteeing the payment of taxes. Why the government changed Article 60 of the Tax Relief Act.
If the reasons underlying the approval are in the public interest, the government must disclose them to avoid harmful speculation with the democratic rule of law.
In addition, if the state has been able to use IT, it must also provide the financial resources necessary to implement the Fund in Support of the Development of the Miranda Areas, with which it committed itself in Article 134 of the State Budget 2021 .