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of <h1>Chapter XII-G defines key terms and updates definitions for tonnage tax rules for qualifying shipping companies</h1> Chapter XII-G defines terms for special income-tax rules for shipping companies, specifying meanings of bareboat charter and bareboat charter-cum-demise, Director-General of Shipping, factory ship, fishing vessel, inland vessel, pleasure craft, qualifying company and qualifying ship, seagoing ship, tonnage income, tonnage tax activities, tonnage tax company, and tonnage tax scheme. Several definitions were updated to expressly include inland vessels and reflect legislative amendments. These definitions govern eligibility and the computation of profits under the Chapter's tonnage tax regime for companies operating qualifying ships.
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