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Liquidated damages not part of core shipping activities, excluded from Tonnage Tax Scheme's exempt income calculation.
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....Exemption under Tonnage Tax Scheme - liquidated damages - disallowance of ‘other operating revenue’ claimed by the assessee as exempt income - liquidated damages cannot be held to be from the core activity of the shipping and does not form part for computation in tonnage tax. - AT....
TaxTMI