Barriers to Portfolio Investments in Emerging Stock


The capital gains withholding tax levied on foreign portfolio investors increases required pre-tax rates of return in developing countries, increasing domestic firms cost of capital and discour-aging physical investment. Dividend withholding taxes do not have this effect since foreign investors can obtain offsetting tax credits. Policy Reseuach WordingPapecs dissemninate the findings of workin progress and encourage the exchange of ideas amongBank staff and allothe s intersted indevelopmentissues.1hesepapers, distnbutedby theResecarchAdvisoxy Staff, carry thenames ofthcauthors, reflect only theirviews. and should beused and citedaccordingly. Thefindinga,intcrpretations.andconclusions aretheauthorsown.Theyshould not be attributed to the World Bank, its Board of Directors. its managemnent. or any of its member countries. Pu bl ic Di sc lo su re A ut ho riz ed Pu bl ic Di sc lo su re A ut ho riz ed Pu bl ic Di sc lo su re A ut ho riz ed Pu bl ic Di sc lo su re A ut ho riz e

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