Section 8: Withholding tax.

(1) The withholding tax on dividend shall be reduced by fifty per cent of the prevailing rate of withholding tax for dividend declared by the selling company.
(2) Without prejudice to the foregoing provisions of this Act, where any selling company wishes to reduce the percentage of withholding tax on any dividend offered pursuant to this Act, the company shall apply to the Minister and shall accompany its application with documentary evidence to support the additional reduction requested for; and the Minister may after considering such application approve an additional reduction of not more than two and a half per cent withholding tax from such dividend.
(3) The Nigerian Export Promotion Council shall examine all applications under subsection (2) of this section, that is, the withholding tax relief and shall submit recommendations thereon to the Minister for consideration.