Investment Incentives Order, 2001 · As enacted · Part XII
94. Computation of export earnings and exemption from tax
Official textFrom Attorney General's Chambers, unchanged
( 1)
The total income of,.a warehousing company or a servicing company in respect of its trade or business which includes its export of eligible goods or provision of eligible services shall be ascertained (after making such adjustments as may be necessary in consequence of any direction given under section 66 as made applicable by section 92), 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 -.
warehousing company
"warehousing company" means a company which has been approved as a warehousing company under section 89. Approved warehousing company or servici~g company.
{a}
income from 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 notwithstanding that no claim for those allowances has been made, and where in any year of assessment full effect cannot, by reason of an insufficiency of profits for that year of assessment,
1358
Terms defined in this Act
earnings
Defined · s 88"earnings" means - {a) in relation to a warehousing company, the consideration received or receivable from the sales of goods (including the provisions of services connected with or related to such sales) or the commissions received or receivable therefrom; and (b) in relation to a service company, the consideration received or receivable from the provision of services;
servicing company
Defined · s 88"servicing company" means a company which has been approved as a servicing company und~r section 89;
warehousing company
Defined · s 88"warehousing company" means a company which has been approved as a warehousing company under section 89. Approved warehousing company or servici~g company.
Part XIII