TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Tonnage regime tax rules: shipping losses disallowed carryforward, Chapter VIII deductions barred, depreciation treated as claimed</h1> For a company taxed under the tonnage regime, tonnage income is computed treating losses, allowances and deductions under the general provisions as if fully given effect in the relevant year, but losses attributable to operating qualifying ships cannot be carried forward or set off while under the tonnage scheme and Chapter VIII deductions are disallowed against shipping profits. Depreciation is computed assuming depreciation deductions were claimed. Pre-option losses attributable to the tonnage business are treated as if set off against shipping income during the tonnage years, may not be applied against non-shipping income after opting in, and any necessary apportionment must be on a reasonable basis.
TaxTMI 
TaxTMI 
