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of <h1>Shipping companies can opt into separate tonnage tax regime for qualifying vessels, excluding bareboat charters out over three years</h1> A company operating ships or inland vessels-including part-charters such as slot, space or joint charters-is eligible to have profits from qualifying shipping activities computed under a separate tonnage tax scheme, except where vessels are bareboat-chartered out for over three years. The tonnage tax business is treated as distinct and its profits are computed separately; the regime applies only if the company opts in as prescribed. Companies not covered or not opting are taxed under the Act's general provisions. Tonnage income is computed under specified rules and treated as business profits, while certain designated shipping income is not chargeable to tax.
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