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DORA compliance requirements: Achieve compliance with the Digital Operational Resilience Act Self-Assessment Tool provided by ECOVIS ProventusLaw

The European Union’s (EU) binding Digital Operational Resilience Act (DORA) regulation aims to strengthen the IT security of financial companies such as banks, payment and e-money insurance companies, and investment firms. The EU wants to ensure that the European financial sector remains resilient in the event of a serious digital disruption. DORA came into effect on 16 January 2023 and applies from 17 January 2025.

Increasing digitalisation and networking is exposing the financial sector to a greater risk of information and communication technology (ICT) disruptions, including potentially catastrophic cyber threats. The Digital Operational Resilience Act (DORA), introduced by the EU, sets requirements for managing technology risks, ensuring continuity, and safeguarding data.

To help companies assess and strengthen their digital resilience, ECOVIS ProventusLaw has developed the DORA Compliance Self-Assessment Tool.

We offer financial services companies of all sizes secure preparation for DORA with our Compliance Self-Assessment Tool.

Loreta Andziulytė, partner and attorney at law, ECOVIS ProventusLaw, Vilnius, Lithuania

The DORA Compliance Self-Assessment Tool

The ECOVIS ProventusLaw DORA Compliance Self-Assessment Tool provides a detailed analysis of companies’ compliance status and covers essential areas such as ICT risk management, incident reporting, resilience testing and third-party management.

With around 200 targeted questions, the tool ensures a comprehensive review of digital resilience and operational risk management practices. The tool can be used to check and ensure an organisation’s digital resilience and compliance with the EU DORA standards.

For further information please contact:

Loreta Andziulytė, partner and attorney at law, ECOVIS ProventusLaw, Vilnius, Lithuania
Email: loreta.andziulyte@ecovis.lt

ECOVIS International is now offering M&A services in Morocco

In addition, to our partners of ECOVIS Morocco, we welcome our new partners from ECOVIS Advisory Morocco.

ECOVIS Advisory Morocco is a capital raising, mergers and acquisitions consultancy offering M&A and Strategy services. The financial investment advisory firm is run by Mehdi Alami and Amine Lahlou. With a team of passionate experts, ECOVIS ADVISORY MOROCCO supports its clients in the transformation of their projects, focusing on innovation, performance and sustainability.

Amine Lahlou is enthusiastic about joining ECOVIS International:

“This change marks a new stage in the development of the firm, which is broadening its scope and resources to meet the needs of its customers with innovative solutions and global support. SEVEN 11 PARTNERS has become ECOVIS ADVISORY MOROCCO, reflecting its ambition for growth and its desire to join the Ecovis network’s standards of excellence. As a member of this international network, ECOVIS ADVISORY MOROCCO now benefits from close collaboration with experts from all over the world and privileged access to the industry’s best practices, methods and technologies.”

We warmly welcome our new colleagues from Morocco to the Ecovis family!

Portugal’s new tax measures: State budget for 2025

The Portuguese state budget includes some new tax measures. These include the exemption of income tax for young people and the gradual reduction of corporate tax for companies. The Ecovis experts explain the details of the 2025 state budget.

The 2025 budget has been approved in general. However, it must still pass through two more phases before approval:

• A discussion about specific aspects that the opposition may want to see altered.
• The vote on the final version. This is expected to be very similar to the current one.

The budget will result in new benefits and opportunities within the tax landscape and includes a few notable tax measures concerning both individuals and companies.

Financial relief for young people and individuals

The most significant policy in terms of personal income tax is the planned exemption for young people. It foresees that income from employment and self-employed work earned by a person up to the age of 35, who is not considered a dependent, will be partially exempt from personal income tax for the first 10 years of work. The exemption is limited to €28,009.03 and will apply as follows (with a few exceptions):

• No income tax in the 1st year of work
• A tax exemption of 75% in the 2nd to the 4th year
• A tax exemption of 50% in the 5th to the 7th year
• A tax exemption of 25% in the 8th to the 10th year

With the reduction in corporate tax, Portugal is becoming even more attractive for foreign investors.

Eloísa Ribeiro Santos, Partner, RBMS – Member of ECOVIS International, Lisbon, Portugal

These measures are aimed at incentivising young people to stay in Portugal and attracting even more young people from other countries.

In another planned measure, company owners will be allowed to deduct 20% of the capital invested in their companies from their personal income tax.

Corporate tax cut to boost economic growth

In corporate income tax, the leading policy next year is the beginning of a gradual decrease in the tax rates for the first time in over a decade. According to the current version of the state budget, the tax rate applicable to the first EUR 50,000 of taxable income of SMEs will be cut from 17% to 16% next year. The tax rate applicable to the remaining taxable income and to 100% of the taxable income of large companies will come down from 21% to 20%.

The planned corporate income tax measures seek to attract even more foreign investment and increase the capitalisation of existing companies.

For further information please contact:

Eloísa Ribeiro Santos, Partner, RBMS – Member of ECOVIS International, Lisbon, Portugal
Email: eloisa.rsantos@rbms.pt

Bernardo Viana de Sá, Associate, RBMS – Member of ECOVIS International, Lisbon, Portugal
Email: bernardo.vsa@rbms.pt