https://www.taxtmi.com/acts?id=11072 Taxable profits from operating a qualifying ship are computed by a tonnage income formula: total tonnage income plus specified aggregate amounts less prior-year negative profit. Daily tonnage income is fixed by net tonnage bands and multiplied by operating days; negative results render profits nil. Eligibility criteria for qualifying ships and qualifying shipping companies, limitations on incidental activities, treatment of bareboat charters, successor carryforward of negative profits, and assumptions regarding allowances, depreciation and cost allocation are prescribed, with rulemaking powers to regulate scheme participation and prevent abuse. en-us Thu, 20 Aug 2009 15:36:02 +0530 Thu, 29 Oct 2009 21:23:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=11072 Taxable profits from operating a qualifying ship are computed by a tonnage income formula: total tonnage income plus specified aggregate amounts less prior-year negative profit. Daily tonnage income is fixed by net tonnage bands and multiplied by operating days; negative results render profits nil. Eligibility criteria for qualifying ships and qualifying shipping companies, limitations on incidental activities, treatment of bareboat charters, successor carryforward of negative profits, and assumptions regarding allowances, depreciation and cost allocation are prescribed, with rulemaking powers to regulate scheme participation and prevent abuse. Act-Rules Bills Thu, 20 Aug 2009 15:36:02 +0530 https://www.taxtmi.com/acts?id=11072