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of <h1>Company may opt into tonnage tax within three months of qualifying; approval lasts ten years, withdrawal or default ends it</h1> A qualifying company may opt into the tonnage tax scheme by applying to the local Joint Commissioner within three months of incorporation or first qualifying status (and IFSC units within three months after certain deductions cease); the Commissioner may seek information, must allow a hearing before refusing, and must decide within three months from the quarter-end after receipt. Approval takes effect from the tax year the option is exercised and remains in force for ten years; it ceases if the company stops qualifying, defaults on specified obligations, is excluded, or withdraws, with profits then taxed under general rules. Renewal is allowed within one year and is subject to the same conditions; opting out, defaulting, or exclusion bars re-entry for ten years.
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