Tonnage income computation uses daily net-tonnage rates, operating days, certified tonnage, rounding, and allocation among joint operators. Section 227 computes a tonnage tax company's income by aggregating qualifying-ship income. Each ship's income equals daily tonnage income multiplied by ... Summary
Tonnage income computation uses daily net-tonnage rates, operating days, certified tonnage, rounding, and allocation among joint operators.
Section 227 computes a tonnage tax company's income by aggregating qualifying-ship income. Each ship's income equals daily tonnage income multiplied by the relevant operating days, with daily income determined from net-tonnage slabs after statutory rounding to the nearest 100 tons. Tonnage is certificate-based and includes prescribed deemed tonnage for slot and vessel-sharing arrangements. No deduction or set-off is allowed. Joint operators with definite and ascertainable shares receive proportionate tonnage income; otherwise, each operator is computed as if it were the sole operator.
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