The Directorate General of Foreign Trade vide notification dated 08.06.2023 has issued clarification regarding Calculation of Net Tonnage factor for Financial Year 2022-23 (AY 2023-24) to be used by Tonnage Tax Companies having Space / Slot arrangement.
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.
The Net tonnage factor for the financial year 2022-23 (AY 2023-24) has been worked out as 9500.
