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of <h1>Section 34: Rebate allocation rules require 75% (50% for post-1966 ships) credited to eight-year reserve, limited exemptions</h1> Section 34 conditions the allowance under section 33 by requiring that a specified portion of the development rebate (generally 75%, reduced to 50% for ships acquired after 28 Feb 1966) be charged to profit and loss and credited to a reserve to be used in the business over the next eight years, excluding distribution as dividends or remittance/creation of assets outside the country; limited exemptions apply (e.g., certain electricity licensees and assets acquired before 1 Jan 1958). If the ship, machinery or plant is sold or transferred within eight years, the allowance is treated as wrongly made, subject to exceptions for specified transfers (governmental bodies, government companies) and qualified amalgamations or successions.
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