Tonnage tax computation excludes specified deductions and shipping losses while deeming depreciation and restricting pre-option loss set-off.

Section 230 regulates computation of tonnage income under the tonnage tax scheme by treating specified losses, allowances and deductions as fully given effect in the relevant tax year. Losses attributable to operating qualifying ships during the scheme cannot be carried forward or set off, and Chapter VIII deductions are unavailable against relevant shipping profits. Depreciation is deemed claimed and allowed for determining written-down value. Pre-option tonnage tax losses are treated as set off against relevant shipping income and cannot be set off against other income after the option is exercised.

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