Income Tax (Export Incentive) Order 1968

This commentary item was published in Public Information Bulletin Volume 44, February March 1968

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Export Incentive Scheme extended

The Minister of Finance, the Hon RD Muldoon, has also announced that the taxation incentive scheme for increased export sales has been extended to include the following types of animal products -

1. Woollen yarns
2. Worsted yarns.

These Goods Now Qualify

Although certain goods including animal products and by-products were excluded from the scheme there is provision for exceptions to be made. The Income Tax (Export Incentive) Order 1968 now brings woollen yarns and worsted yarns into the scheme with effect from 1 April 1967.

How The Scheme Works

The scheme provides for an additional deduction for increased export sales when the sales of qualifying goods exported during the year have increased by comparison with the average value of goods exported during a base period of three years.

The base period is the first three of the five years preceding the year of sale.