26- Description Taxable Income Rate profits) when such dif- ference is: Up to US$14,400.00 Combined income less related tax 15% From US$14,400.01 to US$21,600.00 " " " 17.5% Over US$21,600.00 " " " 20% c. Interest from- 1. Bonds, certificates of credit institutions, debentures, mortgage bonds and non-real estate participation- certifi- cates (certificados de parti- cipacion no inmobiliaria) when the interest rate does not exceed 7% annually (simple interest) or 7.2% annually (compound interest) Exempt - 2. The items indicated in the preceding paragraph, when the annual interest rate, on the face value of the instrument, is within the following limits: Up to 8% Gross income 2% Over 8% to 9% " " 3% Over 9% to 10% " " 4% Over 10% to 11% " " 5% Over 11% to 12% " " 6% Over 12% to 13% " " 7% Over 13% to 14% " " 8% Over 14% to 15% " " 9% Over 15% " " 10% 3. Loans to national or foreign credit institutions Gross income 10% 4. Loans granted by individuals or non-banking enterprises domiciled abroad, when the Treasury Department confirms that the credit is for the general interest Gross income 10% 5. Savings accounts with de- posit banks, credit unions, or savings institutions Exempt -