Finance Act, 1957

Amendment of section 12 of Finance (Miscellaneous Provisions) Act, 1956.

5.Section 12 of the Finance (Miscellaneous Provisions) Act, 1956 (No. 47 of 1956), is hereby amended by the addition thereto of the following subsections:

“(5) (a) For any year of claim, other than the year of assessment commencing on the 6th day of April, 1957, subsection (1) of this section shall have effect as if, for ‘shall be reduced by fifty per cent.’ where occurring at the end of the subsection, there were substituted ‘shall be reduced to nil’.

(b) For any year of claim, other than the year of assessment commencing on the 6th day of April, 1957, subsection (3) of this section shall have effect as if, for ‘shall be reduced by fifty per cent.’ where occurring at the end of the subsection, there were substituted ‘shall be reduced to nil’.

(6) (a) Income tax payable by a company for a year of claim other than the year of assessment commencing on the 6th day of April, 1957, so far as such income tax is referable to profit on the sale of goods exported out of the State may, notwithstanding anything contained in this section, be reduced by twenty-five per cent., but such reduction shall be in substitution for and not in addition to any other reduction of income tax, under the provisions of this section, for the year of claim.

(b) For the purposes of this subsection ‘profit on the sale of goods exported out of the State’ shall be taken to be such sum as bears to the amount of the company's profits for the year of claim, computed in accordance with the Income Tax Acts, which is attributable to the sale of goods (whether exported or not), the same proportion as the amount receivable in the basis period from the sale of goods exported bears to the total amount receivable by the company from the sale of goods (whether exported or not) in the basis period.”