Investment Incentives Order, 2001 · As enacted · Part VII
Section 47
Official textFrom Attorney General's Chambers, unchanged
The income of an export enterprise in respect of its trade or business to which its export enterprise certificate relates shall be ascertained [after making any necessary adjustments in consequence of a direction under section 10, as
export enterprise
"export enterprise" means any company which has been approved by the Minister and to which an export certificate has been issued under section 40;
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applied to this Part by section 43) for any accounting period during its tax relief period in accordance with the provisions of the Income Tax Act, before taking into account the allowances provided for in sections 13, 14, 15, 16, 17 and 18 of that
Act.
The total export profits of an export enterprise shall be deemed to be that part of the income so ascertained which bears the same proportion to that income as the total value of the export sales (f.o.b.) of its export product or export produce whether made, directly or indirectly, by sale to an independent exporter
export product
"export product" means a product approved under section 39 as export product;
(referred to in this Part as the export sales) bears to the total value of the sums receivable in respect of -
its domestic sales of manufactured products or produce at ex-factory prices;
its export sales (f.o.b.) of its export product and export produce;
its export sales (f.o.b.) of other products; and
all other sales aD;P. provisions of service,
(referred to in this Part as the total sales).
(3}
Where a company exports any products or produce to which its export enterprise certificate relates, the amount of its export profit arising from the export of those products or produce which wil.l qualify for the relief provided by section 49 is the excess of that profit over a fixed sum to be determined in the following manner-
in the case of a company which has previously exported those products or produce, the average annual export profit of the company shall be ascertained in the manner provided by subsection (5); and
in the case of a company which has not prior to its application under section 38 exported those products or produce for 3 years 1334
immediately preceding its application, the fixed sum shall be such an amount as the Minister may determine having regard to the total sales of the company and the percentage of the total sales of other major export enterprises exporting like articles.
Where such a company is a pioneer enterprise, subsection (3) shall apply notwithstanding that the company was deemed to commence a new trade or business at the end of its tax relief period as a pioneer enterprise.
company
"company" means any company incorporated or registered in accordance with the provisions of any written law relating to companies; 1307 26th.
For the purposes of this section-fa}
"average annual export profit" means a sum equal to one-third of the total export profits of the company from the export of those products or produce ascertained in the manner provided by subsection !2) during the 3 years immediately preceding the date of its application under section 40; and
!'
where a company has adopted an accounting period ending on a date other than 31st. December, the Collector may make such adjustment on a time basis as appears to him to be reasonable in ascertaining the total export profits of that period.
Conditions for relief.
Terms defined in s 3
Collector
Defined · s 3"Collector" means the Collector of Income Tax appointed under the Income Tax Act;
company
Defined · s 3"company" means any company incorporated or registered in accordance with the provisions of any written law relating to companies; 1307 26th.
export enterprise
Defined · s 3"export enterprise" means any company which has been approved by the Minister and to which an export certificate has been issued under section 40;
export enterprise certificate
Defined · s 3"export enterprise certificate" means an export enterprise certificate issued under section 40;
export produce
Defined · s 3"export produce" means a produce of agricltllture, forestry and fisheries approved under section 39 as export produce;
export product
Defined · s 3"export product" means a product approved under section 39 as export product;
Minister
Defined · s 3"Minister" means the Minister charged with the responsibility for industrial development;
new trade or business
Defined · s 3"new trade or business" means the trade or business of a pioneer enterprise deemed under section 8 to have been set up and commenced on the day following the end of its tax relief period;
pioneer enterprise
Defined · s 3"pioneer enterprise" means any company which has been approved by the Minister and to which a pioneer certificate has been issued under section 5;
Part VIII
Part IX
International Trade Incentives
Part X
Foreign Loans for Productive Equipment
Part XI
Investment Allowances
Part XII
Part XIII