Tonnage tax option allows shipping companies to elect alternative computation and have such income taxed as business profits. Income from operating qualifying ships may, at the company's option, be computed under the specialised scheme in this Part as a tonnage tax, ... Summary
Tonnage tax option allows shipping companies to elect alternative computation and have such income taxed as business profits.
Income from operating qualifying ships may, at the company's option, be computed under the specialised scheme in this Part as a tonnage tax, notwithstanding sections 26 to 54, and such income shall be deemed profits and gains of the business chargeable under the head "Profits and gains of business or profession."
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