(1) Where a company has made export sales to a territory other than a territory listed in Schedule 2 in computing the tax chargeable for any year of income of such company there shall be set-off for the purposes of collection against the tax chargeable on the chargeable income of such company an export allowance calculated in the manner specified in Part 2 of Schedule 2 if the company in a claim made for the purpose satisfies the Comptroller of Inland Revenue that the provisions of this section and of Schedule 2 are applicable to it.
(2) All exports of products of an industry and any other product specified by order of the Cabinet published in the Gazette, shall be eligible for export allowance, however, where the exports are to Guyana, Jamaica, or Trinidad and Tobago such allowance shall be granted for a period not exceeding 5 years next following the expiration of any relief granted under section 7 or 12 or both.
(3) During the period of 5 years after the commencement of this Act, a company may claim relief under this section in respect of exports to Guyana, Jamaica or Trinidad and Tobago if it does not enjoy relief under section 7 or 12 or both.
(4) An export allowance under subsection (2) shall be made to the company manufacturing or producing the product of an industry and in no case shall an allowance be made more than once in respect of any one product.