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Basis of relief from corporation profits tax.
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13.—(1) Where a company claims and proves as respects an accounting period—
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(a) that, during the standard period in relation to the trade, goods were, in the course of the trade, exported out of the State,
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(b) that, during the accounting period, goods were, in the course of the trade, exported out of the State, and
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(c) that the total amount receivable from the sale of the last-mentioned goods was in excess of the total amount (in this section referred to as the standard amount) receivable from the sale of the goods exported during the standard period,
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corporation profits tax payable by the company for the accounting period, so far as it is referable to the profit attributable to the said excess, shall be reduced by fifty per cent.
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(2) For the purposes of subsection (1) of this section “the profit attributable to the said excess” shall be taken to be such sum as bears to the amount of the company's profits for the accounting period, computed for the purposes of corporation profits tax, which is attributable to the sale of goods (whether exported or not), the same proportion as the amount of the said excess bears to the total amount receivable by the company from such sale in the accounting period.
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(3) Where a company claims and proves as respects an accounting period—
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(a) that, during the standard period in relation to the trade, no goods were, in the course of the trade, exported out of the State or that the standard period is not applicable, and
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(b) that, during the accounting period, goods were, in the course of the trade, exported out of the State,
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corporation profits tax payable by the company for the accounting period, so far as it is referable to the profit on the sale of the goods so exported, shall be reduced by fifty per cent.
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(4) For the purposes of subsection (3) of this section “the profit on the sale of the goods so exported” shall be taken to be such sum as bears to the amount of the company's profits for the accounting period, computed for the purposes of corporation profits tax, which is attributable to the sale of goods (whether exported or not), the same proportion as the amount receivable in the accounting 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 accounting period.
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(5) The Revenue Commissioners may make such apportionments as they consider necessary for the purposes of subsections (1) and (3) of this section.
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(6) Where, for the purposes of subsection (1) of this section, it is necessary to compare, with the standard amount, the total amount receivable from the sale of goods exported during an accounting period of less than twelve months, the standard amount shall, for the purpose of the comparison, be deemed to be such part thereof as bears to the whole the same proportion as the accounting period bears to twelve months.
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(7) Where, on or after the day on which the standard period commenced, any change takes place whereby a part of a trade becomes transferred to any person, the standard amount shall, as respects any accounting period in which, or prior to which, the change occurs, be apportioned for the purposes of subsection (1) of this section, and every such apportionment shall be made in such manner as the Revenue Commissioners consider just, having regard to all the circumstances.
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(8) In computing, for the purpose of assessment to income tax, the amount of the profits or gains from a company's trade, any corporation profits tax which, by virtue of this section, is not payable shall be deemed to have been paid.
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