Regional Legislative Decree no. 11/2021/A, of April 20, was published in Diário da República and came into force last Wednesday, covering the deferment of the obligation to reimburse past-due instalments on the refundable incentive granted under the Tourism Incentives System in the Autonomous Region of the Azores (SITRAA), an extraordinary measure to tackle the effects of COVID-19 on private companies.
Measures are now being adopted regarding the regular and effective compliance with obligations under the Tourism Incentives System for the Autonomous Region of the Azores (SITRAA), approved by Regional Legislative Decree no. 8/96/A, of June 14, as amended, temporarily suspending the reimbursement of refundable support, granting a new grace period for the reimbursement plan of the refundable portion of the incentives, in addition to rescheduling.
The obligation to reimburse the installments related to the refundable incentives, outstanding at the date of the diploma’s enactment, under the SITRAA, may be deferred for a period of 18 months, with the payment plan being extended for the same period.
However, because of the reimbursement of installments, no payments may be due after October 31, 2030.
The deferment is granted by a joint order of the members of the Regional Government, with powers in the financial and tourism areas, upon application by the beneficiaries.
This deferral also applies to bank loans from credit institutions, replacing the refundable incentive, and carried out through a protocol to be signed for this purpose with the credit institutions concerned.
On March 11, 2020, the World Health Organization declared the COVID-19 pandemic, which required the adoption of extraordinary measures to counter the harmful effects caused by this virus in the economic activities and livelihood of companies, as is the case of the deferment of the obligation to reimburse past-due installments of the refundable incentive under the SITRAA.
03/03/2022