🚢Amendments to Vessel Tonnage Tax Regulations for Simplified Compliance
Tonnage Tax Modernization
Summary
This interim final rule amends U.S. Customs and Border Protection (CBP) regulations so that a tonnage year, for purposes of calculating tonnage taxes for a vessel, is aligned with the fiscal year of the Federal Government. Currently, CBP calculates a unique tonnage year for each vessel, starting when the vessel first enters the United States. This rule also permits CBP to issue a single electronic receipt for the payment of tonnage taxes and light money. This rule simplifies the tonnage tax process, decreases the number of errors in assessing tonnage taxes, and simplifies the tracking of tonnage tax payments.
Agencies
- Homeland Security Department
- U.S. Customs and Border Protection
Business Impact
$$ - Med
The regulatory text addresses compliance and regulatory requirements related to tonnage tax for vessels, which impacts vessel owners and operators calculating their financial obligations. Updated processes may simplify compliance and reduce errors, thus affecting operational efficiency.