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of <h1>How qualifying companies opt into tonnage tax scheme: timelines, approval steps, ten-year term, withdrawal and re-entry limits</h1> A qualifying company may opt into the tonnage tax scheme by applying to the local Joint Commissioner within specified timelines (generally three months of incorporation or first qualification; special rule for IFSC units). The Commissioner may request information, must give a hearing before refusal, and decide within three months from the quarter-end after receipt. Approval takes effect in the tax year the option is exercised and remains in force for ten years. The option ceases if the company ceases to qualify, defaults under specified compliance duties, is excluded, or withdraws in writing; it may be renewed within one year and the same procedures apply. A company that opts out, defaults, or is excluded is barred from re-opting for ten years.
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