Withholding tax exemption for corporation interest and dividends prevents tax deduction on payments to nationalised insurance entities.

Deduction of income-tax not to be made on interest or dividend payable to the Corporation and successor companies: the amendment provides that no income-tax shall be deducted at source from interest or dividends paid to the Corporation or to new companies formed under the nationalisation scheme in respect of securities or shares in which those entities have full beneficial interest, notwithstanding previously applicable withholding provisions.

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