TTM01340 - Introduction to Tonnage Tax: Tonnage tax profits
Example computation
A company operates the following vessels during the accounting period, year ended 31 December 2005:
|
Ship |
Net Tonnage |
Ownership |
Days Operated |
|
Oil Tanker |
32,495 |
Owned |
365 |
|
Parcel Tanker |
14,583 |
Time-chartered |
180 |
|
Supply vessel |
310 |
Finance-leased |
365 |
The tonnage tax profits may be calculated as follows:
|
Oil Tanker |
Gas Tanker |
Supply Vessel |
||||
|
|
|
Daily Profit |
|
Daily Profit |
|
Daily Profit |
|
Net Tons |
32,495 |
|
14,583 |
|
310 |
|
|
0-1,000
|
10 x 0.60 |
6.00 |
10 x 0.60 |
6.00 |
3 x 0.60 |
1.80 |
|
1,001-10,000 |
90 x 0.45 |
40.50 |
90 x 0.45 |
40.50 |
0 |
0 |
|
10,001-25,000 |
150 x 0.30 |
45.00 |
45 x 0.30 |
13.50 |
0 |
0 |
|
>25,000
|
74 x 0.15 |
11.10 |
0 |
0 |
0 |
0 |
|
Total Daily Profit |
|
102.60 |
|
60.00 |
|
1.80 |
|
No of Days |
|
365 |
|
180 |
|
365 |
|
Profit for AP |
|
37,449 |
|
10,800 |
|
657 |
|
CT Profit |
|
48,906 |
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References
|
Method of calculation |
