Taxation (Multinational - Global and Domestic Minimum Tax) Rules 2024
Note:
Taxes on distributed profits, deemed profit distributions and non-business expenses imposed under an Eligible Distribution Tax System are Covered Taxes (see paragraph 4-40(1)(b) ).
SECTION 7-45 7-45 MEANING OF ELIGIBLE DISTRIBUTION TAX SYSTEMAn Eligible Distribution Tax System is a corporate income tax system that: (a) generally imposes an income tax on the amount of the profits, or certain non-business expenses, of a corporation only on or after the time that the corporation:
(i) distributes those profits to its shareholders; or
(ii) is deemed to distribute those profits to its shareholders; or
(b) imposes Tax at a rate equal to or in excess of the Minimum Rate; and (c) was in force on or before 1 July 2021.
(iii) incurs those expenses; and
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