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of <h1>Interest Taxed in Originating State: 10% Cap for Bank Loans, 15% for Others; Conditions Apply Under Tax Treaty.</h1> Interest arising in one Contracting State and paid to a resident of the other Contracting State may be taxed in the latter. However, it may also be taxed in the originating State, with a maximum tax rate of 10% for bank loans and 15% for other cases, if the beneficial owner resides in the other State. 'Interest' includes income from debt-claims, excluding certain dividends. Provisions do not apply if the interest is connected to a permanent establishment or fixed base in the State where it arises. Interest is deemed to arise where the payer is a resident or has a relevant establishment. Special relationships affecting interest amounts may alter tax applicability.
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