Tax deductibility of losses from ship funds
December 15, 2014 | 30,00 EUR | answered by Anton Pernitschka
I am a shareholder of the King & Cie. Suezmax Tanker Fund III, which opted for tonnage taxation. The ships were recently sold in distress, resulting in a loss of approximately €40,000 for me. Is this loss tax-deductible?
Dear questioner,
In the context of an initial consultation and your fee commitment, taking into account the regulations of this forum, I would like to answer your question.
The tonnage tax system is attractive as long as the ship fund generates profits. Because these profits are usually only taxed at a small rate.
If losses occur, they cannot be offset. In such cases, taxation will even be based on a fictitious assumed profit.
The response was based on the description of your situation. Missing or incorrect information about the actual circumstances can affect the legal outcome.
Sincerely,
Anton Pernitschka
Tax advisor
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