Export-oriented undertaking exemption for new manufacturers allows chosen tax-free years within a limited post-commencement window. A special tax exemption excludes profits and gains of newly established export-oriented undertakings that manufacture or produce goods from an assessee's total income for any five consecutive assessment years chosen within an eight-year window starting with the assessment year when manufacture begins, subject to formation and plant-use conditions. The provision bars certain loss carry-forwards and other incentive deductions in respect of the undertaking, prescribes that capital allowance effects be given full effect for the relevant years in later computations, requires depreciation written down values to reflect allowed depreciation, and permits elective inclusion or exclusion by timely declaration.