478 COMPETITION LAW IN TOURISM exception is applicable if there is (i) an acquisition of shares or assets of a company in the context of an insolvency proceeding by the insolvency administrator; (ii) an acquisition of shares with mere guarantee functions; (iii) an acquisition of shares by credit institutions, financial companies or insurance companies in companies with a corporate object different from the ones of such acquiring companies, with a temporary nature and for resale purposes, provided that such acquisition is not made on a lasting basis. The acquiring company does not exercise the voting rights inherent to the shares with the aim of determining the competitive behaviour of the company or only exercise such voting rights with the aim of preparing the total or partial disposal of the company, its assets or the disposal of the shares, and provided that such disposal takes place within one year from the date of the acquisition; this period can be extended by the competition authority if the acquiring company demonstrates that the disposal in question was not possible, for a reasonable motive, within that period. Should we witness the contraction of the markets, with the insolvency of companies and acquisitions of companies in distress, it is possible that such acquisitions fall into one of the situations above, being therefore waived from merger filing with the competent competition authorities. F.5. Recovery measures Having passed the “second wave” and implementing an action plan for massive vaccination of the Portuguese population which is ongoing, the Portuguese government is looking ahead, designing and putting in place action plans and recovery measures to improve the economy, including the tourism sector. In this context we highlight the “IVAucher” programme175 mentioned above in D.2.- The same aims at boosting and supporting 3 sectors strongly affected by the COVID 19 pandemic, i.e., accommodation, culture and restaurants. The “IVAucher” programme is temporary and comprises a mechanism that allows customers (natural persons) to accumulate the amounts corresponding to the total value added tax (VAT) borne in the acquisition of goods and services, in a certain quarter, in the accommodation, culture and restaurant sectors; such amount may then be spent in the acquisition of goods and services in the same sectors, provided that in other quarter. Adherence to the program by merchants and customers is required, being free and independent of the regularity of their fiscal situation in respect of customers. 175 Enacted by the Regulating Decree no. 2-A/2021 of 28 May.
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