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Basis of relief from income tax.
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12.—(1) Where a company claims and proves as respects any year of claim—
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(a) that, during the standard period in relation to the trade, goods were, in the course of the trade, exported out of the State,
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(b) that, during the basis period, goods were, in the course of the trade, exported out of the State, and
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(c) that the total amount receivable from the sale of the last-mentioned goods was in excess of the total amount receivable from the sale of the goods exported during the standard period,
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income tax payable by the company for the year of claim, so far as it is referable to the profit attributable to the said excess, shall be reduced by fifty per cent.
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(2) For the purposes of subsection (1) of this section “the profit attributable to the said excess” shall be taken to be such sum as bears to the amount of the company's profits for the year of claim, computed in accordance with the Income Tax Acts, which is attributable to the sale of goods (whether exported or not), the same proportion as the amount of the said excess bears to the total amount receivable by the company from such sale in the basis period.
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(3) Where a company claims and proves as respects any year of claim—
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(a) that, during the standard period in relation to the trade, no goods were, in the course of the trade, exported out of the State or that the standard period is not applicable, and
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(b) that, during the basis period, goods were, in the course of the trade, exported out of the State,
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income tax payable by the company for the year of claim, so far as it is referable to the profit on the sale of the goods so exported shall be reduced by fifty per cent.
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(4) For the purposes of subsection (3) of this section “the profit on the sale of the goods so exported” shall be taken to be such sum as bears to the amount of the company's profits for the year of claim, computed in accordance with the Income Tax Acts, which is attributable to the sale of goods (whether exported or not), the same proportion as the amount receivable in the basis period from the sale of goods exported bears to the total amount receivable by the company from the sale of goods (whether exported or not) in the basis period.
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