https://www.taxtmi.com/manuals?id=1674 A tonnage tax company must credit a prescribed portion of book profit from qualifying ship operations to a Tonnage Tax Reserve Account, may carry forward any shortfall to the next year (subject to limits), and must utilise reserve amounts within eight years for acquisition of new ships or, after amendment, new inland vessels; misutilisation, non utilisation, or early sale of acquired vessels triggers proportionate taxation under the ordinary provisions, and continued failure to create reserves for two consecutive years terminates the tonnage tax option. en-us Fri, 28 Jul 2017 07:27:00 +0530 Thu, 19 Jun 2025 18:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=1674 A tonnage tax company must credit a prescribed portion of book profit from qualifying ship operations to a Tonnage Tax Reserve Account, may carry forward any shortfall to the next year (subject to limits), and must utilise reserve amounts within eight years for acquisition of new ships or, after amendment, new inland vessels; misutilisation, non utilisation, or early sale of acquired vessels triggers proportionate taxation under the ordinary provisions, and continued failure to create reserves for two consecutive years terminates the tonnage tax option. Manuals Income Tax Fri, 28 Jul 2017 07:27:00 +0530 https://www.taxtmi.com/manuals?id=1674