https://www.taxtmi.com/manuals?id=1679 On amalgamation, the tonnage tax scheme applies to the amalgamated entity if it is a qualifying company; such an amalgamated company not previously under tonnage tax must exercise the option within three months of scheme approval, while amalgamations of tonnage tax companies carry forward the longest unexpired option period. If a company was qualifying on the reference date but did not exercise the initial option, the Chapter does not apply and income from qualifying ships is computed under the general income tax provisions. On demerger, the tonnage tax scheme may apply to the resulting company for the unexpired option period, and the demerged company's option remains for its unexpired period if it stays qualifying. en-us Fri, 28 Jul 2017 08:15:00 +0530 Tue, 07 May 2024 15:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=1679 On amalgamation, the tonnage tax scheme applies to the amalgamated entity if it is a qualifying company; such an amalgamated company not previously under tonnage tax must exercise the option within three months of scheme approval, while amalgamations of tonnage tax companies carry forward the longest unexpired option period. If a company was qualifying on the reference date but did not exercise the initial option, the Chapter does not apply and income from qualifying ships is computed under the general income tax provisions. On demerger, the tonnage tax scheme may apply to the resulting company for the unexpired option period, and the demerged company's option remains for its unexpired period if it stays qualifying. Manuals Income Tax Fri, 28 Jul 2017 08:15:00 +0530 https://www.taxtmi.com/manuals?id=1679