The ROC's withholding tax rates on dividends, interest, and royalties payable to a non-resident are 21%, 20%, 20% respectively, and the withholding rate is 15% for interest on bonds, short-term commercial papers, securitized products, interest derived from the RP/RS transactions. In addition, reduced withholding tax rates ranging from 3%-15% are provided by treaty with respect to dividends, interest, and royalties. (Please see the List of Rates of Withholding Tax Under the Respective Income Tax Agreements of R.O.C)