Renewal of tonnage tax scheme.
(1)
An option for tonnage tax scheme approved under sub-section (3) of section 115-VP may be renewed within one year from the end of the previous year in which the option ceases to have effect.(2)
The provisions of sections 115-VP and 115-VQ shall apply in relation to a renewal of the option for tonnage tax scheme in the same manner as they apply in relation to the approval of option for tonnage tax scheme.Previous
Sec 115VQ — Period for which tonnage tax option to remain in force
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Sec 115VS — Prohibition to opt for tonnage tax scheme in certain cases
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