Special provision for cruise-ship operators: deemed taxable profits on passenger receipts for non-residents, effective next assessment year. A special deemed-profit computation applies to non-resident cruise-ship operators: a fixed portion of aggregate passenger-related receipts-amounts paid or ... Summary
Special provision for cruise-ship operators: deemed taxable profits on passenger receipts for non-residents, effective next assessment year.
A special deemed-profit computation applies to non-resident cruise-ship operators: a fixed portion of aggregate passenger-related receipts-amounts paid or payable and amounts received or deemed received for carriage of passengers-is to be treated as profits chargeable under "Profits and gains of business or profession", subject to prescribed conditions. The provision overrides general business-income provisions and takes effect from 1 April 2025 for the subsequent assessment year.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 1
Join Channel
TaxTMI 
