(1) Subject to section 172H, section 172B shall not apply where a company resident in the State makes a relevant distribution, either directly or through one or more than one recognised qualifying intermediary, to an authorised withholding agent for the benefit of a person beneficially entitled to the relevant distribution, not being the authorised withholding agent.

(2) For the purposes of this Chapter, a person shall be an authorised withholding agent in relation to relevant distributions to be made to the person by a company resident in the State if the person is an intermediary who -

(a)

(i) is resident in the State, or

(ii) if not resident in the State, is, by virtue of the law of a relevant territory, resident for the purposes of tax in the relevant territory, and carries on through a branch or agency in the State a trade which consists of or includes the receipt of relevant distributions from a company or companies resident in the State on behalf of other persons,

(b) has entered into an authorised withholding agent agreement with the Revenue Commissioners, and