Global Minimum Tax Act — G-3.3 2
dents; (c) if a jurisdiction has no corporate income tax system, that is situated in that jurisdiction and that would be treated as a permanent establishment in accordance with the OECD Model Tax Convention, provided that the jurisdiction would have had the right to tax the income attributable to it in accordance with Article 7 of that model convention; or (d) that is not already described in paragraphs (a) to (c) and through which operations are conducted outside the jurisdiction where the entity that would be the main entity, if the place of business were a permanent establishment, is located, provided that that jurisdiction exempts the income attributable to the operations conducted through the place of business. ( établissement stable ) person includes a corporation, partnership or trust. ( personne ) portfolio holding , at any time in a fiscal year, means ownership interests in an entity that are held at that time by a constituent entity, either alone or together with other group entities, and that carry rights to less than 10% of the profits, capital, reserves or voting rights of that entity. ( titres de portefeuille ) prescribed means (a) in the case of a form, the information to be given on a form or the manner of filing a form, authorized by the Minister; (b) in the case of the manner of making or filing an election, authorized by the Minister; and (c) in any other case, prescribed by regulation or determined in accordance with rules prescribed by regulation. ( prescrit ) QDMTT transition year , of an MNE group in respect of a jurisdiction, means the first fiscal year in which (a) a constituent entity of, or joint venture entity in respect of, the MNE group that is located in the jurisdiction is subject to a qualified domestic minimum top-up tax; and (b) subsection 33 (1), 47 (2) or 53 (3), section 45 or an equivalent provision under the laws of the jurisdiction does not apply for the jurisdiction. ( année de transition ICMNA ) qualified ancillary international shipping income has the same meaning as in subsection 19 (7). ( revenu de transport maritime international accessoire admissible ) qualified debt release amount , for a fiscal year, of a constituent entity that is a debtor, means an amount in respect of a debt release to the extent that (a) the debt release is pursuant to a statutory insolvency or bankruptcy proceeding (i) that is supervised by a court or other judicial body in the jurisdiction in which the debtor is located, or (ii) under which an independent insolvency administrator is appointed; (b) the following conditions are met: (i) the debt release arises pursuant to an arrangement with one or more creditors that are not connected with the debtor (each referred to in this definition as a “third-party creditor”), (ii) it is reasonable to consider that, in the absence of the release of debts owed to one or more third-party creditors under the arrangement, the debtor would be insolvent within 12 months of the date of the release, and (iii) the debtor provides an independent expert opinion attesting that the condition in subparagraph (ii) is met; or (c) if neither paragraph (a) nor (b) applies, (i) the amount is in respect of a debt owed to a third-party creditor, (ii) the debtor’s liabilities exceed the fair market value of its assets, determined immediately before the debt release, and (iii) the amount does not exceed the least of (A) if, as a result of the debt release, the debtor’s assets are greater than or equal to its liabilities, the debtor’s liabilities less the fair market value of its assets, determined immediately before the debt release, (B) if any amount included, as a result of the debt release, in computing net income or loss is offset by a corresponding reduction in deferred tax assets, the reduction in the debtor’s deferred tax assets resulting from the debt release, and (C) the amount included, as a result of the debt release, in computing net income or loss. ( montant de la libération de