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of <h1>Shipping Companies Must Credit 20% Book Profits to Tonnage Tax Reserve, Reinvest Within Eight Years or Face Penalties</h1> A legal analysis of the tonnage tax scheme reveals comprehensive conditions for shipping companies' tax treatment. The provisions mandate companies credit 20% of book profits to a Tonnage Tax Reserve Account, which must be used within eight years for acquiring new ships or vessels. Non-compliance triggers tax penalties, including potential loss of tonnage tax benefits. The framework aims to incentivize maritime sector investment while preventing tax abuse through strict reinvestment requirements.
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