The Inland Revenue Authority of Singapore has updated its guidance on Tax Treatment for Shipping Income, including new guidance concerning the new alternative net tonnage basis of taxation with effect from the year of assessment 2024. The specific guidance concerning the new alternative net tonnage basis of taxation includes the following: --- [NEW!] Alternative Net Tonnage Basis of Taxation As announced in Budget 2024, to better align Singapore's tax regime for shipping entities with common international practices, an alternative net tonnage basis of taxation ("NTT basis") is available for shipping enterprises under Section 13A, approved international shipping enterprises under Section...