Withholding tax on specified unit income applies to non-resident payments, with treaty-based lower rates subject to certification.

Withholding tax applies to income from specified Mutual Fund units and units of a specified company paid to a non-resident other than a company or to a foreign company. Any person responsible for payment must deduct tax, with no monetary threshold. Tax is deductible at 20%; however, a lower rate under an agreement referred to in section 159 may apply where the payee qualifies for that benefit and furnishes the prescribed certificate. Deduction is triggered at the earlier of credit or payment.

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