175. Multinational Top-up Tax Percentage

Terms defined in s 157

• Effective Tax Rate

  Effective Tax Rate

  Defined · s 157

  “Effective Tax Rate” means, in respect of a Multinational Enterprise Group, the sum of the Adjusted Covered Taxes of each Constituent Entity located in the jurisdiction divided by the Net GloBE Income of the jurisdiction for the Financial Year;

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• Financial Year

  Financial Year

  Defined · s 157

  “Financial Year” means an accounting period with respect to which the Ultimate Parent Entity of the Multinational Enterprise Group prepares its Consolidated Financial Statements and in the case of Consolidated Financial Statements as defined in paragraph (d) of the definition of “Consolidated Financial Statements”, Financial Year means the calendar year;

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• Minimum Rate

  Minimum Rate

  Defined · s 157

  “Minimum Rate” means fifteen per cent;

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• Multinational Top-up Tax Percentage

  Multinational Top-up Tax Percentage

  Defined · s 157

  “Multinational Top-up Tax Percentage” means the percentage computed in accordance with section 175;

  Open s 157