8A. Tax on exports

Subject to this Act, a tax shall be imposed, at the rate of one per cent, on every person deriving income from approved exports.

The tax imposed under subsection (1) shall be computed by applying the prescribed rate of tax to the gross proceeds of export, liable to be assessed to tax under this Act.

The total turnover of the exporter shall be treated as exports for the purposes of this section if the local sales do not exceed 20 per cent of the total turnover.

In case the local sales are —

The tax imposed under this section shall be a final tax on the amount in respect of which the tax is imposed and such amount shall not be further chargeable to tax under any other provision of the Act in computing the chargeable income of the person who derives it for any year of assessment.

The tax payable by a person under this section shall not be reduced by any tax credit allowed under this Act.

Capital allowances are deemed to have been availed at the rates prescribed under the Act for the relevant period.

In this section, “approved” means approved by the Minister.