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