Global Minimum Tax Act — G-3.3 2
Definitions 2 (1) The following definitions apply in this Act. acceptable financial accounting standard means (a) Canadian generally accepted accounting principles (GAAP); (b) IFRS; or (c) the generally accepted accounting principles of (i) Australia, (ii) Brazil, (iii) European Economic Area member states, (iv) European Union member states, (v) Hong Kong (Special Administrative Region of the People’s Republic of China), (vi) Japan, (vii) Mexico, (viii) New Zealand, (ix) People’s Republic of China, (x) Republic of India, (xi) Republic of Korea, (xii) Singapore, (xiii) Switzerland, (xiv) United Kingdom, or (xv) United States. ( norme de comptabilité financière admissible ) adjusted covered taxes , of a constituent entity of an MNE group for a fiscal year, has the same meaning as in subsection 22 (1). ( impôts concernés ajustés ) adjustment year means a fiscal year in respect of which an adjustment is made to the GloBE income or loss or adjusted covered taxes, for the fiscal year, of a constituent entity of an MNE group or the jurisdictional adjusted covered taxes of an MNE group for the fiscal year because of the application of an ETR adjustment provision. ( année d’ajustement ) aggregate asset gain , in respect of an election under subsection 18 (23), means the net gain in a fiscal year from the disposition of local tangible assets by all of the constituent entities of an MNE group that are located in a particular jurisdiction, excluding any gain or loss on a transfer of assets between group entities. ( profit cumulé sur cession d’actifs ) aggregate asset loss , in respect of an election under subsection 18 (23), means the net loss in a fiscal year from the disposition of local tangible assets by all of the constituent entities of an MNE group that are located in a particular jurisdiction, excluding any gain or loss on a transfer of assets between group entities. ( perte cumulée sur cession d’actifs ) allocable share has the same meaning as in subsection 15 (2). ( part à répartir ) allocated adjustment top-up amount has the same meaning as in subsection 30 (5). ( montant complémentaire d’ajustement attribué ) ancillary international shipping activity has the same meaning as in subsection 19 (11). ( activité de transport maritime international accessoire ) ancillary international shipping costs has the same meaning as in subsection 19 (10). ( coûts relatifs au transport maritime international accessoires ) ancillary international shipping income has the same meaning as in subsection 19 (8). ( revenu de transport maritime international accessoire ) ancillary international shipping revenue has the same meaning as in subsection 19 (9). ( recettes de transport maritime international accessoire ) authorized financial accounting standard , in respect of an entity, means a set of generally acceptable accounting principles permitted by the body responsible for prescribing, establishing or accepting accounting standards for financial reporting purposes in the jurisdiction where the entity is located. ( norme de comptabilité financière agréée ) blended controlled foreign company tax regime , of a particular jurisdiction, means a controlled foreign company tax regime under which (a) the tax liability of an owner located in the particular jurisdiction is determined by reference to an aggregate of the income, losses and creditable taxes of other entities, located in one or more other jurisdictions, in which the owner holds an ownership interest; (b) the lowest rate that, if it were the corporate tax rate applicable in the one or more jurisdictions in which the other entities are located, would result in the tax charge in those jurisdictions being sufficient to prevent a tax charge on the owner under the controlled foreign company tax regime in respect of the other entities for a fiscal year, is less than the minimum rate; and (c) income of entities located in the particular jurisdiction is not taken into account. ( régime fiscal intégré des