Taxation (Multinational - Global and Domestic Minimum Tax) Rules 2024

CHAPTER 6 - CORPORATE RESTRUCTURINGS AND HOLDING STRUCTURES  

PART 6-3 - TRANSFER OF ASSETS AND LIABILITIES  

SECTION 6-60   GloBE REORGANISATIONS  

6-60(1)    
This section applies if the disposal or acquisition of the asset or liability is part of a GloBE Reorganisation.

6-60(2)    
Despite section 6-55 :

(a)    in the case of a disposal - in computing the disposing Constituent Entity ' s GloBE Income or Loss for the Fiscal Year in which the disposal occurs:

(i) if the disposing Constituent Entity recognises a Non-qualifying Gain or Loss in the GloBE Reorganisation - include the Non-qualifying Gain or Loss; or

(ii) otherwise - exclude the gain or loss on the disposal; and

(b)    in the case of an acquisition - in computing the GloBE Income or Loss of the acquiring Constituent Entity for a Fiscal Year ending after the acquisition:

(i) use the disposing Entity ' s carrying value of the asset or liability immediately before the disposal; and

(ii) adjust the carrying value in a manner consistent with the tax laws of the jurisdiction in which the acquiring Constituent Entity is located, to take into account any Non-qualifying Gain or Loss arising from the disposal.