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 1 - Article 3.2.1 adjustments  

SECTION 3-60   MEANING OF TAX FUNCTIONAL CURRENCY AND ACCOUNTING FUNCTIONAL CURRENCY  

3-60(1)    
A Constituent Entity ' s tax functional currency for a Fiscal Year is the functional currency used to compute the Constituent Entity ' s taxable income or loss for the Fiscal Year for a Covered Tax:

(a)    unless paragraph (b) applies - in the jurisdiction in which it is located; or

(b)    if the Constituent Entity is a Stateless Constituent Entity - in the jurisdiction in which it is created.

3-60(2)    
A Constituent Entity ' s accounting functional currency for a Fiscal Year is the functional currency used to compute the Constituent Entity ' s Financial Accounting Net Income or Loss for the Fiscal Year.