Global Minimum Tax Act — G-3.3 2
f an entity means the period for which the accounts of the entity have been ordinarily made up for the purpose of computing the entity’s income for tax purposes in the jurisdiction in which the entity is located. ( année d’imposition locale ) look-back period , in respect of an election under subsection 18 (23), means the election year and the four fiscal years immediately preceding the election year. ( période antérieure concernée ) loss year , in respect of a jurisdiction for which the filing constituent entity of an MNE group has made an election under subsection 18 (23), means a fiscal year in the look-back period for which a constituent entity of the MNE group that is located in that jurisdiction has a net asset loss and the total amount of net asset losses of all constituent entities of the MNE group that are located in that jurisdiction exceeds the total amount of their net asset gains. ( année de perte ) low-tax entity means a constituent entity of an MNE group that is located in (a) a low-tax jurisdiction; or (b) a jurisdiction that would be a low-tax jurisdiction if the effective tax rate of the MNE group for the jurisdiction were determined without regard to any income or expense recorded by an entity in respect of an intragroup financing arrangement. ( entité à faible imposition ) low-tax jurisdiction , in respect of an MNE group for a fiscal year, means a jurisdiction where the MNE group has net GloBE income and the effective tax rate of the MNE group for the jurisdiction for that fiscal year is lower than the minimum rate. ( juridiction à faible imposition ) main entity , in respect of a permanent establishment, means the entity that includes the financial accounting income of the permanent establishment in its financial statements. ( entité principale ) marketable price floor , in respect of the transfer of a tax credit, means 80% of the net present value of the tax credit, where the net present value is determined based on the yield to maturity on a debt instrument with equal or similar maturity — limited to a maximum of five-year maturity — issued by the government that granted the tax credit in the same fiscal year as the tax credit is transferred or, if it is not transferred, the origination year. ( prix plancher commercialisable ) marketable transferable tax credit means all or a portion of a tax credit (other than a qualified refundable tax credit) if (a) in respect of an originator, (i) the tax credit, or portion of the tax credit, is transferable to an unrelated purchaser in the origination year, or within 15 months of the end of the origination year, under the laws of the jurisdiction granting the tax credit, and (ii) one of the following conditions is met: (A) the tax credit, or portion of the tax credit, is transferred to an unrelated purchaser within 15 months of the end of the origination year at a price that equals or exceeds the marketable price floor, or (B) if the tax credit, or portion of the tax credit, is not transferred, or is transferred to a person that is not an unrelated purchaser, similar tax credits are traded between persons and unrelated purchasers within 15 months of the end of the origination year at a price that equals or exceeds the marketable price floor; and (b) in respect of a particular unrelated purchaser, (i) the tax credit, or portion of the tax credit, is transferable from the particular unrelated purchaser to another unrelated purchaser in the fiscal year in which the tax credit, or portion of the tax credit, is purchased by the particular unrelated purchaser under the laws of the jurisdiction granting the tax credit, and (ii) the tax credit, or portion of the tax credit, is acquired by the particular unrelated purchaser at a price that equals or exceeds the marketable price floor. ( crédit d’impôt transférable commercialisable ) material competitive distortion , in respect of consolidated financial statements, means an application of a specific principle or procedure, u