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of <h1>New ten-year tonnage tax election procedure: three-month initial window, renewal limits, written approval, cessation triggers, ten-year re-entry bar</h1> The provision establishes a time-bound administrative procedure for qualifying shipping companies to opt into, renew, or cease a ten-year tonnage tax election, with initial election within three months of incorporation or first qualification, an IFSC unit exception tied to cessation of a prior deduction, written approval or refusal by the tax authority with a hearing opportunity, and specified cessation events triggering computation under general rules and a ten-year bar on re-entry. The enacted change narrows renewal cross-reference to sub-sections (1)-(9) (excluding the renewal-window rule) and slightly rephrases the delegated-form language, likely refining renewal mechanics and preserving prescribed form power.
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