The principal sources of tax revenue are customs duties, corporate taxes, a defense tax surcharge imposed on corporations, a VAT of 10%, personal income taxes, and excise taxes ranging from 5% to 20%. As of 2000, the rates for corporate taxation ranged from 16% on taxable income up to w100 million to 28% on income over w100 million. In addition, there is a resident tax surcharge of 10% and a special agriculture and fishery tax imposed on corporations having taxable income over w500 million. There is a 24.2% withholding tax on interest. The capital gains tax is set at three rates of 20%, 30%, and 40%. Tax relief for up to five years, with a 50% exemption in the ensuing two years, is offered to new industries and corporations that are foreign exchange earners. Those in electronics receive seven years of exemption, and three years at 50%. The personal income tax is graduated from 10% to 45%.