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Image header Agence Europe
Europe Daily Bulletin No. 9428
Contents Publication in full By article 14 / 34
GENERAL NEWS / (eu) eu/taxation

Portugal in trouble over its 2005 tax amnesty, benefiting investments in State government bonds

Brussels, 16/05/2007 (Agence Europe) - On Wednesday 16 May, the European Commission decided to send a reasoned opinion to Portugal. In 2005, this member state decreed a tax amnesty on undeclared funds held abroad. Investments in Portuguese state government bonds were regularised at a preferential rate of 2.5%, whilst all other financial bonds were taxed at 5%. The Commission takes the view that this financial provision goes against the free movement of capital and calls on the Portuguese...

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