Withholding on specified securities requires deduction for foreign institutional investors, subject to beneficial treaty rates and certification.

Withholding tax under section 393(2), Table serial no. 15 applies to income from securities referred to in section 210(1) payable or credited to a Foreign Institutional Investor. Any person making the payment must deduct tax at the earlier of credit or payment, without a monetary threshold. The default deduction rate is 20%. A lower agreement rate may apply where the Foreign Institutional Investor qualifies for benefits under section 159 and furnishes the required certificate.

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