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

PART 5 - INTERPRETATION  

Division 2 - Elections  

SECTION 36   FIVE-YEAR ELECTIONS  

36(1)    
This section applies if a provision of this Act permits a Filing Constituent Entity for an Applicable MNE Group to make a Five-Year Election .

36(2)    
Unless the election is revoked, it applies to:

(a)    the Fiscal Year for which the GloBE Information Return for the Applicable MNE Group that records or evidences the election is filed by the Filing Constituent Entity; and

(b)    each subsequent Fiscal Year.

36(3)    
Unless the provision mentioned in subsection (1) otherwise provides, a Filing Constituent Entity for the MNE Group may revoke the election.

36(4)    
If the Filing Constituent Entity revokes the election, the election does not apply to:

(a)    the Fiscal Year for which the GloBE Information Return for the Applicable MNE Group that records or evidences the revocation is filed by the Filing Constituent Entity; and

(b)    each subsequent Fiscal Year.

36(5)    
However, the Filing Constituent Entity cannot revoke the election if doing so would result in the election not applying to:

(a)    the Fiscal Year mentioned in paragraph (2)(a) ; or

(b)    any of the subsequent 4 Fiscal Years.

36(6)    
If the Filing Constituent Entity revokes the election, a Filing Constituent Entity for the MNE Group cannot make another election under the provision mentioned in subsection (1) that applies to:

(a)    the Fiscal Year mentioned in paragraph (4)(a) ; or

(b)    any of the subsequent 4 Fiscal Years.