https://www.taxtmi.com/acts?id=3260 Tonnage tax companies must credit a Tonnage Tax Reserve Account with a mandated minimum portion of book profit from qualifying shipping activities each year; shortfalls due to losses may be carried forward to the next year. Reserve funds must be used within eight years primarily to acquire a new qualifying ship or inland vessel or, until acquisition, for operating qualifying ships subject to restrictions on dividends, remittances and creation of foreign assets. Misapplication, failure to utilise, or disposal within three years triggers proportionate taxation under the general tax provisions, and two consecutive years of non creation terminates scheme eligibility. en-us Sat, 19 Jan 2008 22:45:54 +0530 Thu, 28 Aug 2025 14:50:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=3260 Tonnage tax companies must credit a Tonnage Tax Reserve Account with a mandated minimum portion of book profit from qualifying shipping activities each year; shortfalls due to losses may be carried forward to the next year. Reserve funds must be used within eight years primarily to acquire a new qualifying ship or inland vessel or, until acquisition, for operating qualifying ships subject to restrictions on dividends, remittances and creation of foreign assets. Misapplication, failure to utilise, or disposal within three years triggers proportionate taxation under the general tax provisions, and two consecutive years of non creation terminates scheme eligibility. Act-Rules Income Tax Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=3260