(1)An option for tonnage tax scheme approved under sub-section (3) of section 115-VP may be renewed within one year from the end of the previous year in which the option ceases to have effect.(2)The provisions of sections 115-VP and 115-VQ shall apply in relation to a renewal of the option for tonnage tax scheme in the same manner as they apply in relation to the approval of option for tonnage tax scheme.
