Minimum training requirement for tonnage tax companies requires certified compliance and annual filing; five year failure voids option. A tonnage tax company whose option is approved must meet the minimum training requirement for trainee officers per guidelines of the Director General of ... Summary
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Minimum training requirement for tonnage tax companies requires certified compliance and annual filing; five year failure voids option.
A tonnage tax company whose option is approved must meet the minimum training requirement for trainee officers per guidelines of the Director General of Shipping and furnish the Director General's certificate with its section 139 return that the requirement was met for the previous year; failure to comply for five consecutive previous years causes the company's option for the tonnage tax scheme to cease from the beginning of the previous year following the fifth year.
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