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New rules for foreign investors
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Thin-capitalization rules
Project finance with third-party debt is not considered for thin-cap rules, even if structured with related party guarantee.
Project finance with back to back structures
Limitation on the application of the reduced 4% WHT rate on interest payments abroad to banks and financial institutions. For this rate to apply, the bank or financial institution must be the beneficial owner of the interests.
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Follows OECD guidelines, including elements such as fixed place of business, independent agent test and excludes preparatory or ancillary activities.
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