Global Minimum Tax Act — G-3.3 85
Limitation period for assessments 85 (1) Subject to subsections (2) to (5) and (10), no assessment in respect of any tax or other amount payable by a person under this Act is permitted more than seven years after the later of (a) the day on which the return to which the tax or other amount payable relates was filed under Division 2, and (b) the day on which the Minister receives the GIR. Exception — objection or appeal (2) An assessment in respect of any tax or other amount payable by a person under this Act may be made at any time if the assessment is made (a) to give effect to a decision on an objection or appeal; (b) with the written consent of an appellant to dispose of an appeal; or (c) to give effect to an alternative basis or argument advanced by the Minister under subsection (5). Exception — neglect or fraud (3) An assessment in respect of any matter may be made at any time if the person to be assessed, or the person filing a return, has in respect of that matter, (a) made a misrepresentation that is attributable to neglect, carelessness or wilful default; or (b) committed fraud in filing a return or an application for a refund or in providing any information under this Act. Exception — other period (4) If, in making an assessment, the Minister determines that a person has paid in respect of any matter an amount in respect of a particular fiscal year that was in fact payable in respect of another fiscal year, the Minister may at any time make an assessment for that other fiscal year in respect of that matter. Alternative basis or argument (5) The Minister may advance an alternative basis or argument in support of an assessment of a person, or in support of all or any portion of the total amount determined on assessment to be payable by a person under this Act, at any time after the period otherwise limited by subsection (1) for making the assessment unless, on an appeal under this Act, (a) there is relevant evidence that the person is no longer able to adduce without leave of the court; and (b) it is not appropriate in the circumstances for the court to order that the evidence be adduced. Limitation — alternative basis or argument (6) If a reassessment of a person gives effect to an alternative basis or argument advanced by the Minister under subsection (5) in support of a particular assessment of the person, the Minister is not to reassess for an amount that is greater than the total amount of the particular assessment. Exception — alternative basis or argument (7) Subsection (6) does not apply to any portion of an amount determined on reassessment that the Minister would, if this Act were read without reference to subsection (5), be entitled to reassess under this Act at any time after the period otherwise limited by subsection (1) for making the reassessment. Filing waiver (8) A person may, within the period otherwise limited by subsection (1) for an assessment, waive the application of that subsection by filing with the Minister a waiver, in the form and manner prescribed by the Minister, specifying the period for which, and the matter in respect of which, the person waives the application of that subsection. Revoking waiver (9) Any person that has filed a waiver may revoke it by filing with the Minister a notice of revocation in the form and manner prescribed by the Minister. The waiver remains in effect for 180 days after the day on which the notice is filed. Exception — waiver (10) An assessment in respect of any matter specified in a waiver filed under subsection (8) may be made at any time within the period specified in the waiver unless the waiver has been revoked under subsection (9), in which case an assessment may be made at any time during the 180 days that the waiver remains in effect.