Decree-Law 25/06 of 8 February 2006 amends the new tax regime for debt securities, as approved by Decree-Law 193/05. The amendment, which applies as of 1 January 2006, provides that the exemptions are available only if the non-resident: -   does not act through a PE located in Portugal; -   is not held, directly or indirectly, for more than 20% by a resident entity; or -   is not considered to be a resident of a listed tax haven (except in case of central banks or governmental agencies). Decree-Law 25/06 adds the second link above, thereby effectively denying the...