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of <h1>Tonnage tax firms must credit 20% of shipping book profits to reserve; prolonged shortfalls or breaches terminate tax option</h1> A tonnage tax company must credit at least 20% of book profit from qualifying shipping activities to a Tonnage Tax Reserve Account each year, useable within eight years for acquiring new ships or for operating qualifying ships but not for dividends, overseas profit remittance, or creating foreign assets. Shortfalls may be carried forward one year; continued shortfall for two consecutive years, or failure to meet minimum training for five consecutive years, or exceeding prescribed charter-in limits (49% of net tonnage) for two consecutive years, will terminate the tonnage tax option. Noncompliance triggers taxation of proportionate amounts under ordinary provisions and reporting and accounting requirements apply.
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