How is tonnage tax calculated?
A tonnage tax is a taxation method which can be applied to shipping companies….Computation of Tonnage Income- Section 115 VG:
| Qualifying ship having Net tonnage | Amount of daily tonnage Income |
|---|---|
| Exceeding 25,000 tons | Rs. 11,770 plus Rs. 29 for each 100 tons exceeding 25,000 tons. |
What is shipping tonnage tax?
A tonnage tax is a taxation mechanism that can be applied to shipping companies. The tax is determined by the Net tonnage of the entire fleet of vessels under operation or use by a company.
What is tonnage fee?
Tonnage Fees means all documented fees or taxes payable to any Governmental Authority in connection with the tonnage of Distillers Grains or Syrup produced or marketed within a given jurisdiction.
How is vessel GT calculated?
Gross tonnage is calculated from the formula GT = K1V, where V is the volume of a ship’s enclosed spaces in cubic metres and K1 is a constant calculated by K1 = 0.2 + 0.02 log10 V.
What is net tonnage of ship?
Net tonnage (often abbreviated as NT, N.T. or nt) is a dimensionless index calculated from the total moulded volume of the ship’s cargo spaces by using a mathematical formula. Net tonnage is used to calculate the port duties and should not be taken as less than 30 per cent of the ship’s gross tonnage.
What means corporation tax?
Corporation Tax is a tax that all limited companies must pay and it’s a tax that’s payable against the profits a company makes.
What is Chinese tonnage dues certificate?
Tonnage Dues : This is a charge paid by the vessel operator to a port for the usage of the port.. This is usually calculated on the net registered tonnage of the ship as per the tonnage certificate issued for that ship..
What is new TDS rate?
TDS rates applicable for resident of India
| TDS Rate (%) | TDS Rates from 01.04.2020 to 13.05.2020 | TDS Rates from 14.05.2020 to 31.03.2021 |
|---|---|---|
| 5 (w.e.f 01.06.2016) (10 % from 01.04.2015 to 31.05.2016) | 5 | 3.75 |
| (a) 2 (b) 10 | (a) 2 (b) 10 | 1.5 7.5 |
| 1 5 (w.e.f from 01.06.2017) (If payment of Rent exceeds Rs. 50,000/- per month. ) 10 | 1 5 10 | 0.75 |
What is vessel tonnage?
Tonnage is a measure of the cargo-carrying capacity of a ship, and is commonly used to assess fees on commercial shipping. In modern maritime usage, “tonnage” specifically refers to a calculation of the volume or cargo volume of a ship.