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of <h1>Interest Taxed in Recipient's State, Capped at 15% in Source State if Beneficial Owner; Exemptions Apply</h1> Interest arising in one Contracting State and paid to a resident of another may be taxed in the recipient's state, but also in the state where it arises, with a tax cap of 15% if the recipient is the beneficial owner. Exemptions apply if the interest is derived by the government, local authorities, or central banks of the other state, or other approved residents. Interest is defined as income from debt-claims, excluding penalty charges. Provisions do not apply if the interest is connected to a permanent establishment or fixed base in the other state. Special relationships affecting interest amounts are subject to standard taxation rules.
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