Relevant shipping income limits incidental earnings, applies market-value adjustments, and excludes qualifying activity profits from book profit.

Section 228 treats profits from prescribed core and incidental activities as relevant shipping income of a tonnage tax company. Incidental income exceeding 0.25% of core-activity turnover is excluded and taxed under other provisions. Income from non-qualifying ships or inland vessels is computed under other provisions. Transfers between tonnage tax and other businesses require market-value computation where recorded consideration differs from market value, subject to a reasonable basis where valuation presents exceptional difficulties. Relevant shipping loss is ignored in computing tonnage income, and related book profit or loss is excluded for the specified book-profit computation.

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