Executive Rule No. 48 outlines the tax treatment for exempted incorporated bodies. It mandates that such entities must submit tax declarations and undergo standard inspection and assessment procedures to quantify the exempted tax amount. The Rule specifies the disallowance of all expenses related to generating exempted revenues, including direct costs, commissions, and head office expenses. It clarifies that losses incurred during an exemption period cannot be carried forward. Furthermore, cessation of activity due to force majeure does not extend the exemption period. Special cases require direct consultation with the Tax Department.