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of <h1>Shipping Companies Face Decade-Long Tax Scheme Disqualification for Non-Compliance Under Clause 231(12)</h1> Legal Analysis Summary:The document examines provisions related to tonnage tax scheme disqualification in tax legislation. The analysis focuses on Clause 231(12) of the Income Tax Bill, 2025, which establishes a ten-year prohibition for companies exiting or defaulting on tonnage tax scheme requirements. The provision aims to prevent opportunistic tax planning by shipping companies, ensuring long-term commitment and regulatory compliance. Key disqualification triggers include voluntary opt-out, compliance defaults, and regulatory exclusion orders. The legislation promotes industry stability and creates strong incentives for consistent adherence to tax regulations.
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