Schedule 2
(Section 16)
PART 1
EXPORTS TO THE FOLLOWING TERRITORIES ARE NOT ELIGIBLE FOR EXPORT ALLOWANCEDelete whichever is necessary.
| Antigua | St. Kitts/Nevis/Anguilla |
| Barbados | Montserrat |
| Belize | Saint Lucia |
| Dominica | St. Vincent |
| Grenada | |
PART 2
METHOD OF CALCULATING EXPORT ALLOWANCE
1. An export allowance set-off for the purposes of section 16 shall be calculated as follows—
| Export profits as a percentage of total profits | Rebate of income tax as a percentage of income tax on export profits |
| 10 but under 21 | 25% |
| 21 but under 41 | 35% |
| 41 but under 61 | 45% |
| 61 and over | 50%. |
2. For the purposes of calculation—
-
(a) “export profits as a percentage of total profits” shall be deemed to be “export sales as a percentage of total sales”;
-
(b) profit attributable to export shall be taken to be the amount resulting from the formula
-
where—
-
(i) “P” represents the chargeable profit of a company for its year of income,
-
(ii) “E” represents the proceeds of sales (ex-factory) of the output of a company exported during its year of income,
-
(iii) “S” represents the proceeds of sales (ex-factory) of the total output of the company during its year of income.
3. In computing the proceeds of all sales for the year of income, there shall be deducted any excise duty paid on goods sold during that year.