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of <h1>Assessing officer may exclude tonnage tax company after show-cause and senior commissioner approval, unless bona fide commercial transaction.</h1> If a tonnage tax company is party to a transaction or arrangement covered by the relevant anti-abuse provision, the assessing officer must issue a written order excluding the company from the tonnage tax scheme, after serving a show-cause notice and obtaining prior approval of the appropriate senior commissioner. Exclusion will not apply if the company satisfies the officer that the transaction was a bona fide commercial transaction not intended to obtain tax advantage. Where excluded, the tonnage tax option ceases from the first day of the previous year in which the transaction occurred.
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