115VR. (1) An option for tonnage tax scheme approved under
sub-section (3) of section 115VP may be renewed
within one year from the end of the previous year in which the option ceases to
(2) The provisions of sections
115VP and 115VQ 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.