Increasing time limit available to pass order under section 115VP

Tonnage tax option timeframe extended - order window lengthened to quarter-end for new applications, easing verification.

The amendment extends the decision period for applications to opt into the tonnage tax scheme: where an application is received on or after 1 April 2025 the Joint Commissioner must pass the written order approving or rejecting the option before the expiry of three months from the end of the quarter in which the application was received, providing additional time for verification, inspections, and an opportunity of being heard.