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of <h1>Tonnage Tax Bill 2025 Narrows Qualifying Ship Definition to Boost Commercial Maritime Sector</h1> Legal Analysis of Qualifying Ship Definition in Income Tax Bill, 2025The text examines Clause 235(i) of the Income Tax Bill, 2025, which defines a 'qualifying ship' for tonnage tax purposes. The provision establishes criteria for eligible vessels, including minimum fifteen net tonnage, proper registration, and valid certification. It explicitly excludes vessels providing land-based services, fishing vessels, factory ships, pleasure crafts, ferries, and offshore installations. The definition aims to incentivize commercial maritime transport while preventing misuse of tax benefits. The clause represents a refined approach to defining maritime vessels for tax purposes, maintaining consistency with previous legislation while introducing more precise language and regulatory alignment.
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