Withholding tax rates under tax treaties

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                       Rates for Dividends, Interest, Royalties and Technical Fees (in %)
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Name of the Country         Dividend      Interest        Royalty         Technical Fee
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Austria               Not Mentioned   Not Mentioned    Not Mentioned    Exempt, except on amounts
                                                                         (net) attributable to
                                                                         activities performed in
                                                                         the state

Australia                15                15           10/1/20         No separate provision
Bangladesh             10,15               10             10                   -
Brazil                   15                15           15/25           No separate provision
Belgium                  15                15             30                   30
Canada                 15,15               15             20                   20
Czechoslovakia         25,25               15             30                   30
Denmark                15,25             10,15            20                   20
Federal German
 Republic                15              10,15         Not Mentioned           20
Finland                15,25               15             30                   30
France               Not Mentioned    Not Mentioned    Not Mentioned    Exempt, except on amounts
                                                                         (net) attributable to
                                                                         activities performed in
                                                                         the state

Great Britan            15               10,15            30                   30
Greece               Not Mentioned    Not Mentioned    Not Mentioned    No separate provision
Hungary                 15                 15             40                   20
Indonesia             10,15                10             15            No separate provision
Italy                Not Mentioned         15          Not Mentioned    Not Mentioned
Japan                   15               10,15            20                   20
Kenya                   15                 15             20                  17.5

Korea (South)         15,20              10,15            15                   15
Libya                Not Mentioned    Not Mentioned    Not Mentioned    No separate provision
Malaysia             Not Mentioned    Not Mentioned    Not Mentioned    No separate provision
Mauritius              5,15           Nil, Not Mentioned  15            No separate provision

Nepal                 10,15              10,15            15            No separate provision
Netherlands             15               10,15            20                   20
New Zealand             20                 15             30                   30
Poland                  15                 15            22.5                 22.5
Norway                15,25                15             20                   20

Romania               15,20                15            22.5                 22.5
Singapore            Not Mentioned    Not Mentioned    Not Mentioned    No separate provision
Sri Lanka               15                 10             10            No separate provision
Syria                Not Mentioned        7.5             10            No separate provision
Swden                 15,25             15,10             20                    20

Tanzania              10,15              12.5             20                    20
Thailand              15,20             10,25             15            No separate provision
United Arab Republic Not Mentioned    Not Mentioned    Not Mentioned    No separate provision
USA                   15,25             10,15           20,15                 20,15
UAE                     15                15             22.5                  22.5
Zambia                 5,15               10              10                     10
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Centre for Monitoring Indian Economy, Bombay
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Last updated: May 1995.