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of <h1>Tax Relief for Shipping Firms: Clause 228(16) Excludes Tonnage Tax Activities from Minimum Alternate Tax Calculations</h1> Concise Legal Summary:The document analyzes Clause 228(16) of the Income Tax Bill, 2025, which addresses taxation of shipping companies. The provision excludes book profits or losses from tonnage tax activities when computing Minimum Alternate Tax (MAT). This legislative approach aims to provide tax certainty and global competitiveness for shipping enterprises by maintaining a specialized taxation regime. The clause represents an evolution from previous statutory provisions, offering more comprehensive definitions and mechanisms for income classification, cost allocation, and transfer pricing adjustments in the shipping sector.
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