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of <h1>Companies Can Opt for Tonnage Tax Scheme Within 3 Months of Qualification; Approval Lasts 10 Years Under Section Rules</h1> A qualifying company can opt for the tonnage tax scheme by applying to the Joint Commissioner within three months of incorporation or becoming a qualifying company. An International Financial Services Centre unit can apply within three months after its deduction ceases. The Joint Commissioner will assess eligibility and approve or deny the application. Approval is valid for ten years, effective from the tax year the option is exercised. The option ceases if the company no longer qualifies, defaults, is excluded, or opts out. Renewal is possible within a year of expiration. Companies opting out or defaulting cannot reapply for ten years.
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