asked the Chancellor of the Exchequer whether he will seek to amend the double taxation agreement with Nigeria so that the provisions of Section 17 of the Finance Act, 1961, may be implemented and the tax relief granted by Nigeria to assist developing industries not be frustrated.
That goes far beyond the scope of the Question. My right hon. Friend said in his Budget speech that he would be seeking the renegotiation of many of these double taxation agreements.
If the hon. and learned Gentleman does not succeed in negotiating new double taxation reliefs, will he allow the present situation to continue, or will he maintain the withholding tax of 40 per cent. as against the Americans' 15 per cent.?