Taxation (Multinational - Global and Domestic Minimum Tax) Rules 2024
CHAPTER 3
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COMPUTATION OF GloBE INCOME OR LOSS
PART 3-2
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ADJUSTMENTS TO DETERMINE GloBE INCOME OR LOSS
Division 1
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Article 3.2.1 adjustments
SECTION 3-40
ADJUSTMENT
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INSURANCE RESERVES
3-40(1)
Subsection (2) applies if a Constituent Entity is an insurance company.
3-40(2)
In computing the Constituent Entity ' s GloBE Income or Loss for a Fiscal Year, adjust the Constituent Entity ' s Financial Accounting Net Income or Loss for the Fiscal Year so as to exclude any expense in respect of the movement of insurance reserves of the Constituent Entity, to the extent that the movement is economically matched by: (a) Excluded Dividends, net of any investment management fees, from a security held on behalf of a policyholder; or (b) Excluded Equity Gain or Loss from a security held on behalf of a policyholder.
Subsection (2) applies if a Constituent Entity is an insurance company.
3-40(2)
In computing the Constituent Entity ' s GloBE Income or Loss for a Fiscal Year, adjust the Constituent Entity ' s Financial Accounting Net Income or Loss for the Fiscal Year so as to exclude any expense in respect of the movement of insurance reserves of the Constituent Entity, to the extent that the movement is economically matched by: (a) Excluded Dividends, net of any investment management fees, from a security held on behalf of a policyholder; or (b) Excluded Equity Gain or Loss from a security held on behalf of a policyholder.
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