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

CHAPTER 3 - COMPUTATION OF GloBE INCOME OR LOSS  

PART 3-2 - ADJUSTMENTS TO DETERMINE GloBE INCOME OR LOSS  

Division 2 - Other Article 3.2 adjustments  

SECTION 3-140   MEANING OF NON-MARKETABLE TRANSFERABLE TAX CREDIT AND OTHER TAX CREDIT  

3-140(1)    
A Non-Marketable Transferable Tax Credit is:

(a)    a tax credit that:

(i) is held by the person to whom the tax credit was originally granted; and

(ii) is transferable; and

(iii) is not a Marketable Transferable Tax Credit; or

(b)    a tax credit that:

(i) is held by a purchaser; and

(ii) is not a Marketable Transferable Tax Credit.

3-140(2)    
However, for the purposes of this instrument, treat a tax credit as not being a Non-Marketable Transferable Tax Credit to the extent that it is also Qualified Refundable Tax Credit.

3-140(3)    
A tax credit is an Other Tax Credit to the extent that it is not any of the following:

(a)    a Qualified Refundable Tax Credit;

(b)    a Marketable Transferable Tax Credit;

(c)    a Non-Marketable Transferable Tax Credit.