Section 49

Where an amount of the export profit of an export enterprise qualifies under sections 47 and 48 for the relief provided by this section (referred to in this section as the qualifying export profit), there shall be deducted from that amount such part of the allowances provided for in sections 13, 14, 15, 16, 17 and 18 of the Income Tax Act as may be attributable to the qualifying export profit; and the part of the allowances so attributable to the qualifying export profit shall be deemed to be such amount which bears the same proportion to the total allowances deductible by the export enterprise under sections 13, 14, 15, 16, 17 and 18 of the

Income Tax Act as the amount of the qualifying export profit bears to the income of the export enterprise ascertained under subsection (1) of section 47.

For each year of assessment the Collector shall issue to the export enterprise a statement for that year of assessment showing the balance of the qualifying export profit after deduction of the allowances under subsection (1) and the provisions of Parts XI and XII of the

Income Tax Act (relating to objections and appeals) and any regulations made thereunder shall apply, with the necessary modifications, as if such a statement were a notice of assessment given under those provisions.

Subject to subsection (7) of section 50, where any statement issued under subsection (2) has become final and conclusive, an amount equal to 100% of the balance of such qualifying export profit shall not form part of the statutory income of the export enterprise for that year of assessment and shall be exempt from tax.

Certain dividends exempted from income tax.