Tonnage tax eligibility depends on qualifying ship operations, separate profit computation, and a valid election to use the scheme. Section 226 governs tonnage taxation for companies operating qualifying ships. It includes owned, chartered and partial-charter vessels, while excluding ... Summary
Tonnage tax eligibility depends on qualifying ship operations, separate profit computation, and a valid election to use the scheme.
Section 226 governs tonnage taxation for companies operating qualifying ships. It includes owned, chartered and partial-charter vessels, while excluding specified long-term bareboat charter arrangements. Tonnage tax business is distinct from other businesses and its profits must be separately computed where the prescribed option is exercised. If the scheme does not apply or no option is exercised, profits are computed under other applicable provisions. Tonnage income is treated as business income, while relevant shipping income is not chargeable to tax.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 1 
