Companies Exiting Tonnage Tax Scheme Face 10-Year Reentry Ban for Non-Compliance or Abuse Under Section 115VZC(1).
A qualifying company that opts out of the tonnage tax scheme or fails to comply with specific provisions, such as transferring profits to the tonnage tax reserve, meeting training requirements, or adhering to tonnage character limits, is prohibited from re-entering the scheme for ten years. This also applies if the company is excluded due to abuse of the scheme under an order from section 115VZC(1). These restrictions ensure compliance with the tonnage tax scheme's regulations.