(1) For the purposes of section 29 of the Finance Act, 1978, references to "levy" shall be construed so as not to include monetary compensatory amounts chargeable on goods exported from the State to any state which is not a member of the European Communities.
(2) In this section "monetary compensatory amounts" means the system of monetary compensatory amounts governed by Council Regulation (EEC) No. 1677/85 of 11 June 1985 [O.J. No. L164, 24 June 1985, page 6.], or by any subsequent Council Regulation to the like effect.