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of <h1>Joint Maritime Tax Allocation: Precise Income Calculation for Shared Ship Operations Under Clause 227(7)-(8) Income Tax Bill 2025</h1> Concise Legal Summary:The document analyzes Clause 227(7)-(8) of the Income Tax Bill, 2025, addressing tonnage income computation for jointly operated ships. The provisions establish a methodology for allocating tax liability when multiple companies operate a qualifying ship, maintaining proportional taxation based on definite and ascertainable shares. Where shares cannot be precisely determined, each company's income is computed independently. The clause closely mirrors existing legislation, ensuring continuity in tax treatment for shipping companies while providing a clear framework for income allocation in joint maritime operations.
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