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of <h1>Income Tax Bill 2025: Clause 228 Details Shipping Income Calculations for Tonnage Tax Firms, Including Core and Incidental Activities</h1> Clause 228 of the Income Tax Bill, 2025, outlines provisions for calculating the relevant shipping income of tonnage tax companies, which includes profits from core and incidental activities. Core activities involve operating qualifying ships and related services, while incidental activities are those supplementary to core activities. If incidental income exceeds 0.25% of turnover from core activities, the excess is taxable under other provisions. The clause also addresses the treatment of non-qualifying ships, transfer pricing, depreciation allocation, and conditions under which book profits from shipping activities are excluded from overall book profits for tax purposes.
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