Portuguese Government proposes new austerity measures

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In a press conference held on 11 September 2012, the Portuguese Government proposed new austerity measures that are expected to be incorporated into the 2013 Budget Law.

Among the proposed measures is an increase in the rate of withholding tax on income from Portuguese securities (both bonds and equities) from 25% to 26.5%.

The increased rate, if finally approved, would be expected to become effective as of 1 January 2013.

The measures are still to be approved by the Portuguese Parliament.

We will inform customers as soon as official confirmation becomes available.