Dozens of foreign investment funds in Portugal are awaiting a European Court of Justice ruling they hope will award them millions of euros in tax refunds.
Already many of the funds have filed claims that are identical to the test case, with practitioners expecting more will follow suit if the judgment comes in their favor.
The case centers around a 2015 law change in Portugal that made foreign investors subject to withholding tax on dividends, while their local counterparts were subject to a much smaller stamp duty tax—a difference the foreign investors claim is discriminatory.
“There are a lot of ...
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