https://www.taxtmi.com/acts?id=49226 Relevant shipping income for a tonnage tax company comprises profits from defined core activities and prescribed incidental activities; excess incidental receipts over a set proportion of core turnover are excluded and taxed otherwise. Transfers between tonnage and non-tonnage businesses must be valued at market value for computing relevant shipping income, subject to Assessing Officer adjustment where market-value computation is impracticable. Related-party adjustments, reasonable allocation of common costs and depreciation, and the exclusion of the shipping activity's book profit or loss from company book profit are operative measures. en-us Fri, 14 Feb 2025 17:49:44 +0530 Thu, 20 Feb 2025 12:58:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=49226 Relevant shipping income for a tonnage tax company comprises profits from defined core activities and prescribed incidental activities; excess incidental receipts over a set proportion of core turnover are excluded and taxed otherwise. Transfers between tonnage and non-tonnage businesses must be valued at market value for computing relevant shipping income, subject to Assessing Officer adjustment where market-value computation is impracticable. Related-party adjustments, reasonable allocation of common costs and depreciation, and the exclusion of the shipping activity's book profit or loss from company book profit are operative measures. Act-Rules Bills Fri, 14 Feb 2025 17:49:44 +0530 https://www.taxtmi.com/acts?id=49226