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Tonnage tax shipping income framework defines core activities, incidental income limits, and exclusion from book profit. Relevant shipping income of a tonnage tax company consists of profits from core activities and incidental activities, subject to exclusion of excess incidental income above the prescribed turnover threshold. Core activities cover operating qualifying ships and specified ship-related or inland vessel-related activities, while incidental activities are those incidental to core activities and as may be prescribed. Income from non-qualifying ships is computed under the general provisions, transfers between tonnage tax business and other business are deemed at market value where necessary, losses are ignored for tonnage income, and the related book profit or loss is excluded from book profit.
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<h1>Tonnage tax shipping income framework defines core activities, incidental income limits, and exclusion from book profit.</h1> Relevant shipping income of a tonnage tax company consists of profits from core activities and incidental activities, subject to exclusion of excess incidental income above the prescribed turnover threshold. Core activities cover operating qualifying ships and specified ship-related or inland vessel-related activities, while incidental activities are those incidental to core activities and as may be prescribed. Income from non-qualifying ships is computed under the general provisions, transfers between tonnage tax business and other business are deemed at market value where necessary, losses are ignored for tonnage income, and the related book profit or loss is excluded from book profit.
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