(1) Dividends or other distributions from profits or gains accruing to an approved enterprise as a result of the manufacture of an approved product during the tax holiday period (hereinafter referred to as “the dividends”), shall not be subject to any limitation as to the time within which the dividends are payable.
(2) Subject to subsection (3) the dividends when paid to shareholders or their nominees (including a company) shall be exempt from the payment of income tax.
(3) Where a shareholder is not resident in a Member State, the exemption referred to in subsection (2) shall apply to so much of the tax as exceeds the tax liability of the shareholder in his or her country of residence.