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Alternative relief on total exports.
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405.—(1) In this section “year of claim” has the same meaning as in section 402, with the substitution of “five” for “ten” where it first occurs, and the omission of the proviso.
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(2) (a) Income tax payable by a company for a year of claim other than the year of assessment commencing on the 6th day of April, 1957, so far as such income tax is referable to profit on the sale of goods exported out of the State may, notwithstanding anything contained in section 404, be reduced by 25 per cent., but such reduction shall be in substitution for and not in addition to any reduction of income tax, under section 404, for the year of claim.
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(b) For the purposes of this subsection “profit on the sale of goods exported out of the State” 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 this Act, 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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(3) In a case in which the provisions of this section apply, and the export out of the State in the relevant basis period consisted of or included goods with respect to which section 399 (3) provides for the inclusion thereof in the definition of “goods”, this Chapter shall have effect subject to the insertion, in subsection (2) (b) of “and of merchandise (whether exported or not) other than such goods” after “goods (whether exported or not)” wherever the latter words occur.
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(4) Subsection (2) shall apply to each of the five consecutive years of assessment, the first of which is the year of assessment immediately following the company's last year of claim for the purposes of that subsection as if—
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(a) each of those years were a year of claim, and
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(b) for “reduced by 25 per cent.” in subsection (2) (a) there were substituted—
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(i) in the case of the first of those years, “reduced by 20 per cent.”,
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(ii) in the case of the second of those years, “reduced by 15 per cent.”,
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(iii) in the case of the third of those years, “reduced by 10 per cent.”,
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(iv) in the case of the fourth and fifth of those years, “reduced by 5 per cent.”.
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