Export incentives tax treatment clarified: incentives are taxable but excluded from total turnover for export-profits deduction. Cash compensatory support, duty drawback and profit on sale of import entitlement licences are revenue receipts included in taxable business profits by retrospective amendment; however, the Finance Act clarified that computing the export-profits deduction excludes these export incentives from total turnover, and that exclusion is clarificatory and applies to earlier assessment years.
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Export incentives tax treatment clarified: incentives are taxable but excluded from total turnover for export-profits deduction.
Cash compensatory support, duty drawback and profit on sale of import entitlement licences are revenue receipts included in taxable business profits by retrospective amendment; however, the Finance Act clarified that computing the export-profits deduction excludes these export incentives from total turnover, and that exclusion is clarificatory and applies to earlier assessment years.
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