Shipping profits taxable only in the enterprise's State; container rentals, charters and related interest treated as shipping income. Profits from operation of ships in international traffic by an enterprise are taxable exclusively in that State and include revenue from sea ... Summary
Shipping profits taxable only in the enterprise's State; container rentals, charters and related interest treated as shipping income.
Profits from operation of ships in international traffic by an enterprise are taxable exclusively in that State and include revenue from sea transportation of passengers, mail, livestock and goods, charter or rental of ships incidental to such transportation, rental of containers and related equipment, and gains on alienation of ships, containers and related equipment. Interest on funds connected with ship operations is treated as shipping profits and Article 11 does not apply; the rules also cover participation in pools, joint businesses and international operating agencies.
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