New rules for foreign investors
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.
Definition of permanent establishment
Follows OECD guidelines, including elements such as fixed place of business, independent agent test and excludes preparatory or ancillary activities.