Section 44B: Companies engaged in export of goods

44B. Companies engaged in export of goods (1) Where, in an income year, a company is engaged in the export of goods, it shall be liable to income tax at the rate specified in Part II of the First Schedule on the chargeable income attributable to that export based on the formula set out in subsection (2). (2) The formula referred in subsection (1) shall be – a x c b where – a is the gross income derived from the export of goods in that income year 208 Acts 2017 b is the gross income derived from all the activities of the company for that income year c is the chargeable income of the company for that income year (l) in sections 45(1), 45A(2), 46(1) and (2), 47(7)(b), 49(2)(a), 49A(1) and 50D(1), by deleting the words “First Schedule” and replacing them by the words “Part I of the First Schedule”; (m) in section 50L – (i) in subsection (2), by repealing paragraph (a) and replacing it by the following paragraph – (a) An amount equal to the percentage of the CSR Fund, as specified in the following table, shall be remitted to the Director-General – Percentage to be remitted to the Director-General CSR Fund set up on or after 1 January 2017 up to 31 December 2018 At least 50% CSR Fund set up on or after 1 January 2019 At least 75% (ii) in subsection (4), by deleting the words “Subject to subsection (9), the amount” and replacing them by the words “The amount”; (iii) by repealing subsection (9); (n) in section 59 – (i) by numbering paragraph (a), paragraph (b), paragraph (c) and paragraph (d) as subsection (1), subsection (2), subsection (3) and subsection (4), respectively; Acts 2017 209 (ii) in the newly numbered subsection (2), by deleting the words “paragraph (a)” and “paragraph (c)” and replacing them by the words “subsection (1)” and “subsection (3)”, respectively; (iii) by repealing the newly numbered subsection (3) and replacing it by the following subsection – (3) The time limit of 5 years referred to in subsection (2) shall not apply for the carrying forward of any amount of loss that is attributable to – (a) annual allowance claimed in respect of capital expenditure incurred on or after 1 July 2006; (b) a deduction claimed under sections 64, 65 and 161A(55). (o) in section 59A, by inserting, after subsection (3), the following new subsection – (3A) Notwithstanding section 59(2), where there is a change in the shareholding of more than 50 per cent in a manufacturing company that has accumulated unrelieved losses, the losses may be carried forward, provided the Minister – (a) certifies the change in the shareholding is in the public interest; and (b) is satisfied that the conditions relating to safeguard of employment are complied with. (p) by inserting, after section 63, the following new sections –