Debt capital markets law.

The article focuses on the Decree-Law 193/2005 in Portugal. The law was passed in the country on January 1 2006. Under the law, investment income and capital gains arising from debt instruments issued by Portuguese business enterprises are exempt from income tax if the beneficiaries have no residence, head office or permanent establishment in Portugal to which such income is attributable. The application of this exemption requires the relevant debt instruments to be integrated for clearing purposes in the Portuguese centralised system for securities.