Tonnage tax exclusion limits book profit inclusion for MAT applicability under prescribed income tax provisions rules. The provision excludes the book profit or loss of a tonnage tax company, arising from tonnage tax activities, from the company's book profit for purposes ... Summary
Tonnage tax exclusion limits book profit inclusion for MAT applicability under prescribed income tax provisions rules.
The provision excludes the book profit or loss of a tonnage tax company, arising from tonnage tax activities, from the company's book profit for purposes of minimum alternate tax computation, thereby removing tonnage-tax-derived profit from the MAT book profit base for qualifying shipping entities.
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