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20 1957

FINANCE ACT, 1957

PART IV.

Corporation Profits Tax.

Amendment of section 13 of Finance (Miscellaneous Provisions) Act, 1956.

16. Section 13 of the Finance (Miscellaneous Provisions) Act, 1956 (No. 47 of 1956), is hereby amended by the addition thereto of the following subsections:

“(9) (a) For any accounting period, being an accounting period or part of an accounting period subsequent to the 5th day of April, 1958, 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 accounting period, being an accounting period or part of an accounting period subsequent to the 5th day of April, 1958, 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.’

(10) (a) For any accounting period to which subsection (9) of this section applies, corporation profits tax payable by a company, so far as it 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 corporation profits tax under the provisions of this section for the accounting period.

(b) The Revenue Commissioners may make such apportionments as they consider necessary for the purposes of this subsection.

(c) 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 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.”