Relief in respect of double excess profits taxation
11. (1) The Government may by notification in the official Gazette make provision for the granting of relief in cases where both excess profits tax under this Act and excess profits tax under any law in force in the United Kingdom, [* * *] or in any other part of His Majesty's Dominions have been paid upon the profits of any business if it appears to the Government that the laws of the United Kingdom [* * *] or of that other part of His Majesty's Dominions provide for corresponding relief in respect of excess profits tax charged on profits both in the United Kingdom [* * *] or in that part and in the taxable territories.
Provided that where under section 19 of the Finance (No. 2) Act, 1939, national defence contribution has been paid in the United Kingdom in lieu of excess profits tax, that portion of the national defence contribution so paid which is equal to the excess profits tax which would otherwise have been payable shall, for the purposes of this sub section, be deemed to be excess profits tax paid in the United Kingdom.
(2) If any person, who has paid excess profits tax under this Act for any chargeable accounting period in respect of profits arising outside Bangladesh in a [* * *] country the laws of which do not provide for any relief in respect of excess profits tax charged in the taxable territories, proves that he has paid excess profits tax under the laws of the said [* * *] country in respect of the same profits, he shall be entitled to the deduction from the excess profits tax payable in the taxable territories of a sum equal to one half thereof or to one half of the excess profits tax payable in the said [* * *] country, whichever is the less.
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Ministry of Law, Justice and Parliamentary Affairs