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of <h1>Interest Tax Limit Set at 7.5% for Cross-Border Payments; Exemptions for Governments and Approved Transactions</h1> Interest arising in one Contracting State and paid to a resident of the other may be taxed in the latter. However, if the beneficial owner is a resident of the other State, the tax charged should not exceed 7.5% of the interest. Interest is exempt from tax if derived by the government, local authorities, or certain banks of the other State. Exemptions also apply if the transaction is government-approved. Interest is defined as income from debt-claims, excluding penalties for late payment. Provisions do not apply if the recipient has a permanent establishment in the State where the interest arises.
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