25- Description Taxable income Rate CM Stock dividends paid by Mexican companies Exempt - 3, Dividends paid by foreign enterprises which do not operate in Mexico Gross income Exhibit B 4. Dividends paid by authorized investment companies Exempt - 5. Dividends and interest paid to policy holders by in-surance companies as ad-justment of premiums Exempt 6. Participation in profits paid to employees of enterprises (subject to the tax on personal serv-ices -- see page 22) 7. Participation of profits paid to debenture holders "or others": Up to US$14,400.00 From US$14,400.01 to US$21,600.00 Over US$21,600.00 Gross income " " " " 15% 17.5% 20% 8. Excess obtained over contrib-uted capital upon the liquidation of a company or redemption of capital stock, when the excess is: Up to US$14,400.00 From US$14,400.01 to US$21,600.00 Over US$21,600.00 Excess " " 15% 17.5% 20% b. Profits of branches or agencies of foreign enterprises estab-lished in Mexico- On the difference between the combined taxable income of enterprises and the tax on such income (whether or not there is a distribution of