Dated:18.09.2009
Subject : Calculation of Net Tonnage factor for Financial Year 2009-10 (AY 2010-11) to be used by Tonnage Tax Companies having Space / Slot arrangements
Detailed guidelines for providing training by the
shipping companies opting for Tonnage Tax Scheme under Chapter XII – G of
Section 115 VU of Income Tax Act, 1961 were issued by the Ministry of
Shipping, Road Transport & Highways, Deptt. Of Shipping, Gazette
Notification dated 12/12/2007. Clause 1 Explanation C (2) of the said
Notification inter-alia stipulates that
i) In
case of space charters or slot charters, the number of mandays is to be
calculated by dividing the Net Tonnage of slot/space charters of the tonnage
tax company by the Net Tonnage Factor and multiplying the result by number
of days for which such ships are operated by the tonnage tax company during
the financial year and shall include any shortfall of the immediately
preceding financial year brought forward in accordance with clause 15 of the
guidelines.
For the purpose of this clause,
the Net Tonnage of slot/space charters shall be Net Tonnage as calculated
under the notification issued in the official gazette vide Explanation to
Section 115 VG of the Income Tax Act, 1961. The CBDT Notification in this
regard was issued on 29/3/2005.
ii) The
‘Net Tonnage Factor’ shall be the factor notified by the Directorate General
of Shipping for each financial year calculated as the aggregate Net Tonnage
of all qualifying ships registered under the Merchant Shipping Act, 1958 at
the end of the preceding financial year divided by the total number of such
ships at the end of the preceding financial year and shall be notified by
the Directorate General of Shipping within 60 days from the beginning of
each financial year.
2) The Net tonnage factor for the financial year 2009-10 (AY 2010-11) has been worked out as 9706. This may be used in conjunction with net tonnage of slot/space charters calculated under the CBDT notification dated 29.3.2005 issued in the official gazette to work out the minimum training requirement for such arrangements for the FY 2009-10.
Sd/-
(Ashima Gupta)
Dy. Director General of Shipping
For Director General of Shipping
