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The total income of an international trading company, in respect of its trade or business which includes its relevant export sales, shall be ascertained

(after making such adjustments as may be necessary in consequence of any direction given under section 66), for any accounting period during its tax relief period in accordance with the provisions of the Income Tax Act, and, in particular, the following provisions shall apply 1345

fa} income from any commissions and other non-trading sources shall be excluded and separately assessed;

{b)

the allowances provided for in sections 13, 14, 15, 16, 17, and 18

(where applicable) of the Income Tax Act shall be taken into account, and where in any year of assessment full effect cannot, by reason of an insufficiency of profits for that year of assessment, be given to those allowances, section 20 of the Income Tax Act shall apply;

{c)

the amount of any unabsorbed allowances in respect of any year of assessment immediately preceding the tax relief period which would otherwise be available under section 20 of the Income Tax

Act shall be taken into account;

{d) section 30 of the Income Tax Act shall apply in respect of any loss incurred prior to or during its tax relief period;

{e) any unabsorbed allowances granted under sections 13, 14, 16 and 17 of the Income Tax Act and losses incurred in respect of any distinct trade or business shall be brought into the computation;

{f) any unabsorbed allowances granted under sections 13, 14, 16 and 1 7 of the Income Tax Act and losses incurred in respect of the trade or business referred to in this subsection shall, during the tax relief period, only be deducted against the income derived from that trade or business;

{g)

subject to sections 20 and 30 of the Income Tax Act, any allowances and losses which remain unabsorbed at the end of the tax relief period shall be available for deduction in its post tax relief period.

The amount of the export income of an international trading company which will qualify for the relief.for any year of assessment shall be deemed to be such amount which bears to th~ total income ascertained under subsection (1l the same proportion as the excess of the total value of the relevant export sales over the relevant base export value bears to the total amount of the sums received or receivable in respect of its total sales; and subject to section 70, one-half of the amount of the export income which qualifies for the relief as ascertained in this subsection shall not form part of the chargeable income of the international trading company for that year of assessment and shall be exempt from tax.

The relevant base export value referred to in subsection (2) shall be