What is tonnage tax system?
What is tonnage tax system?
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. It is on the basis of this variable that taxation is applied.
What is presumptive taxation?
A professional having a gross revenue upto Rs 50 lakhs can opt for the presumptive scheme of tax wherein he can straightaway offer 50% of the gross revenue as his taxable income and pay taxes as per his slab rates on such income.
What is Equalisation Levy?
Equalisation Levy is a direct tax, which is withheld at the time of payment by the service recipient. The payment should be made to a non-resident service provider; The annual payment made to one service provider exceeds Rs. 1,00,000 in one financial year.
How is income tax calculated under section 44AD?
In presumptive taxation under Section 44AD, your net income is considered as 8% of your turnover and you will pay tax on that income. If your receipts are in digital (non-cash) form then only 6% of your receipts is your net income and you will pay tax on that income.
What is tonnage tax for shipping companies?
Tonnage Tax. Tonnage Tax is a way for qualifying shipping companies to calculate their shipping related profits for Corporation Tax (CT) purposes.
What percentage of the world’s fleet is oil tankers?
In 2005, oil tankers made up 36.9% of the world’s fleet in terms of deadweight tonnage. The world’s total oil tankers deadweight tonnage has increased from 326.1 million DWT in 1970 to 960.0 million DWT in 2005. The combined deadweight tonnage of oil tankers and bulk carriers, represents 72.9% of the world’s fleet.
What is tontonnage tax and how is it calculated?
Tonnage Tax is a way for qualifying shipping companies to calculate their shipping related profits for Corporation Tax (CT) purposes.
How much does it cost to transport crude oil by tanker?
Second only to pipelines in terms of efficiency, the average cost of transport of crude oil by tanker amounts to only US$5 to $8 per cubic metre ($0.02 to $0.03 per US gallon). Some specialized types of oil tankers have evolved.
