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of <h1>Tonnage-tax firms must allocate at least 20% of qualifying shipping profits to a reserve and use within eight years</h1> A tonnage-tax company must credit at least 20% of book profits from qualifying shipping activities to a Tonnage Tax Reserve Account each year (excess permitted) and use those funds within eight years to acquire a new ship/new inland vessel or, until acquisition, to operate qualifying ships (not for dividends, remittance of profits abroad, or creating assets abroad). Shortfalls may be carried forward one year but not if shortfall persists for two consecutive years, which causes loss of the tonnage-tax option. Use of the reserve for other purposes, failure to acquire a ship, or sale of a newly acquired ship within three years triggers proportionate taxation under normal provisions; proportional shortfalls are similarly taxed outside the tonnage regime.
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