Qualifying ship status: temporary cessation rule extended to inland vessels, treating them as non qualifying for Chapter purposes. The amendment to section 115VZA(2) expands the temporary-cessation rule to include inland vessels, so that any vessel-ship or inland vessel-that temporarily ceases to be qualifying shall not be treated as a qualifying vessel for the Chapter's tax provisions. The change aligns treatment of inland vessels with ships and takes effect from 1st April, 2026 for the relevant assessment year and beyond.
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Qualifying ship status: temporary cessation rule extended to inland vessels, treating them as non qualifying for Chapter purposes.
The amendment to section 115VZA(2) expands the temporary-cessation rule to include inland vessels, so that any vessel-ship or inland vessel-that temporarily ceases to be qualifying shall not be treated as a qualifying vessel for the Chapter's tax provisions. The change aligns treatment of inland vessels with ships and takes effect from 1st April, 2026 for the relevant assessment year and beyond.
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