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What are consequences of eliminating withholding tax

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Problem 1: On October 14, 1993, Portugal's Ministry of Finance announced that it would scrap the 20 percent withholding tax imposed on the interest payments due to 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?

Reference no: EM132911315

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