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ISC cashes in on US tax changes.
(From Lloyds List)
Byline: John McLaughlin
NEW tax law changes for US shipping companies had an immediate impact on New Orleans-based International Shipholding Corp, which last week posted earnings of $7.8m for the fourth quarter of last year, up from $1.7m in the same 2003 period.
The much-improved quarterly earnings took net income for the full year to $12.8m, up from $5.5m in 2003. Revenues edged up somewhat over both periods, rising from $62m to $64m for the quarter, and from $257.8m to $263.5m for the year.
In a statement, International Shipholding executives acknowledged the impact of the recent tax changes, which include the institution of a new tonnage tax for US-flag vessels and provisions in the Jobs Creation Act, signed into law in the fourth quarter, allowing for the deferral of tax on earnings generated outside the US.
The latter provision resulted in a $7.7m addition to net income for the fourth quarter and the year, the company said, adding that 'passage of this new tax Act, and our fourth-quarter 2004 election for our qualified domestic operations to be taxed under the tonnage tax ...
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