New US tax revisions that have taken effect could be a boon to foreign-flag shipping.rnBut by removing excuses for not filing, the US Internal Revenue Service (IRS) could take an even stricter stance on future offenders.rnRecent changes to foreign-flag shipping tax exemptions significantly relax the controversial ownership disclosure requirements enacted in 2004, while shifting further incidental activities - such as cargo handling - to the tax-exempt column.
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