Tonnage tax election: structured application, limited renewal and extended re entry bar on opting into the regime.
Tonnage tax election requires a qualifying company to apply to the Joint Commissioner in the prescribed form and manner within the statutory initial window; the Commissioner may request documents, must afford a reasonable opportunity to be heard before refusing, and must issue a written order within a fixed decision period. Approval makes the scheme applicable from the tax year of election and keeps the option in force for a defined multi year term; cessation events and a restricted renewal window are specified, and a prolonged bar prevents re entry after voluntary opt out, default, or exclusion.