On 25/05/2013,
you requested for the version in force on 25/05/2013
incorporating all amendments published on or before 25/05/2013.
The closest version currently available is that of 30/04/1996.
44E.
—(1) The income of an export service company or firm in respect of its qualifying services shall be ascertained (after making such adjustments as may be necessary in consequence of a direction under section 9 as made applicable by section 44D) for any accounting period during its tax relief period in accordance with the Income Tax Act, and, in particular, the following provisions shall apply:
(a)
income from sources other than the qualifying services shall be excluded and separately assessed;
(b)
there shall be deducted in arriving at the income derived from the qualifying services —
(i)
all direct costs and expenses incurred in respect of the qualifying services;
(ii)
all indirect expenses which are reasonably and properly attributable to the qualifying services;
(c)
the allowances provided for in sections 16 to 22 of the Income Tax Act attributable to income derived from the qualifying services during the tax relief period shall be taken into account notwithstanding that no claim for those allowances has been made; and
(d)
for the purposes of paragraphs (b)(ii) and (c), the amounts attributable to the qualifying services shall be determined on such basis as the Comptroller thinks reasonable and proper.
(2) The amount of income ascertained under subsection (1) which will qualify for the relief under section 44F shall be the excess of the amount of the income ascertained under subsection (1) over a base amount of income to be determined by the Minister.
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