Question

On October 14, 1993, Portugal's Ministry of Finance announced that it would scrap the 20% withholding tax imposed on the interest payments due foreigners holding government bonds. At present, foreigners whose governments have a double-taxation treaty with Portugal wait up to two years to claim back a portion of the tax. What might have been Portugal's motivations for scrapping the tax? What are the likely consequences of eliminating the withholding tax?



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  • CreatedJune 27, 2014
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