48. (1)

The tax relief provided under this Part applies to an export enterprise during its tax relief period subject to the following conditions -

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fa} in respect of the first year of assessment, for which the export year forms the basis period, the export sales shall amount, in proportion, to not less than 20% of the total sales and, in value, to not less than $20,000 during that accounting period;

in respect of subsequent years of assessment, subject to the export sales having satisfied that minimum proportion and value in the export year or where a direction has been made by the Minister under subsection (2) in respect of that year, the export sales shall amount in value to not less than $20,000 during the relevant accounting period; and

where the minimum requirements as to proportion and value have not been satisfied in the export year, and no direction has been made by the Minister under subsection (2), the relief provided by this Part shall apply for the first time only in respect of a year of assessment where during the relevant accounting period the minimum requirements as to proportion and value have both been satisfied or where a direction to this effect has been made by the