Withholding tax on specified securities income requires deduction for Foreign Institutional Investors, subject to lower treaty rates on prescribed conditions.

Withholding tax applies to income from securities identified under section 210(1) when payable or credited to a Foreign Institutional Investor. Any person responsible for the payment must deduct tax at the earlier of credit or payment. The default rate is 20%, subject to a lower rate under an agreement referred to in section 159 where the recipient is entitled to that benefit and furnishes the prescribed certificate. No monetary threshold applies.

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