Sunday 13 May 2012

Increase in Tonnage Tax

The Ministry of Shipping has submitted a detailed Memorandum to the Ministry of Finance underlying the need for grant of various direct/indirect tax incentives for the growth of the Maritime Sector. It has also been suggested to review the proposed change in the rate for computation of daily tonnage income. This information was given by the Union Minister of Shipping, Shri G.K. Vasan in a written reply to a question in the Rajya Sabha today. 

Shri Vasan has further stated that the shipping industry is passing through a difficult phase from the year 2010-2011 and most of the shipping companies are incurring losses. Since the tonnage tax is payable inspite of losses, such income tax liability remains a kind of fixed expenditure irrespective of profitability. 

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