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Tonnage Taxation

Tonnage Taxation

tonnage taxation

Tonnage tax is a special scheme of taxation for shipping companies.  A shipping company can pay its tax as per this scheme instead of Section 28-43C subject to fulfillment of certain conditions.  It’s an optional scheme. Section 115 VA-115VZC  of Income Tax act governs the provisions of the scheme. As per scheme tax is levied on the basis of aggregate of tonnage income (its capacity) of ship.  Hence its called tonnage tax.

 Who is chargeable to Tonnage Tax?

Certain shipping companies may elect to have their profits charged to Tonnage Tax rather than Corporation Tax, subject to certain conditions.


Particulars required in the notification of election for Tonnage Tax

A qualifying company wishing to calculate profits under Tonnage Tax rules must make an election for Tonnage Tax under section 697D Taxes Consolidation Act 1997. The election is made by completing the Form Tonnage Tax 1 (PDF, 133KB) – Application Form for entry/election into the Tonnage Tax scheme under section 697D Taxes Consolidation Act 1997, and submitting it to the Revenue Commissioners.

Information to be provided on Form Tonnage Tax 1 includes:

  • The type of election to be made i.e. single company or group of companies election.
  • In the case of a group election the name and address of the representative company and the name of the company secretary (a qualifying group of companies may nominate one company to act as the representative company to deal with tonnage tax matters on behalf of the whole group).
  • The accounting period from which the election is to take effect (if this is not the period in which the election is made the reason must be stated).

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