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of <h1>Interest Taxation Rules: 10% Cap on Bank Loan Interest, 15% on Others; Special Provisions for Business-Connected Interest</h1> Interest arising in one Contracting State and paid to a resident of the other may be taxed in the recipient's State. It can also be taxed in the State where it arises, with a maximum tax rate of 10% for interest from loans by banks or similar institutions and 15% in other cases. 'Interest' includes income from debt-claims, government securities, bonds, and debentures, excluding penalty charges. If the interest is effectively connected to a business or services in the State where it arises, different provisions apply. Interest is deemed to arise where the payer is located, with special relationship provisions limiting excessive amounts.
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