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of <h1>Tonnage tax firms must keep chartered-in net tonnage under 49% or lose tax benefits; two-year breach ends option</h1> A company opting for the tonnage tax scheme may not charter in more than 49% of the net tonnage of its qualifying ships in any previous year, calculated by the average net tonnage for that year using a method prescribed in consultation with the Director-General of Shipping. If the limit is exceeded in a year, the company's total income for that year is computed as if the tonnage tax option had not been exercised. If the limit is exceeded in two consecutive years, the option ceases from the start of the following year. Bareboat charter-cum-demise arrangements are excluded from 'chartered in.'
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