176. Excess Profit

Terms defined in s 157

• Acceptable Financial Accounting Standard

  Acceptable Financial Accounting Standard

  Defined · s 157

  “Acceptable Financial Accounting Standard” means International Financial Reporting Standards and the generally accepted accounting principles of Australia, Brazil, Canada, Member States of the European Union, Member States of the European Economic Area, Hong Kong (China), Japan, Malaysia, Mexico, New Zealand, the People’s Republic of China, the Republic of India, the Republic of Korea, Russia, Singapore, Switzerland, the United Kingdom, and the United States of America;

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• Authorised Accounting Body

  Authorised Accounting Body

  Defined · s 157

  “Authorised Accounting Body” means a body with legal authority in a jurisdiction to prescribe, establish, or accept accounting standards for financial reporting purposes;

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• Authorised Financial Accounting Standard

  Authorised Financial Accounting Standard

  Defined · s 157

  “Authorised Financial Accounting Standard” means, in respect of any Entity, a set of generally acceptable accounting principles permitted by an Authorised Accounting Body in the jurisdiction where that Entity is located;

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• Domestic Top-up Tax

  Domestic Top-up Tax

  Defined · s 157

  “Domestic Top-up Tax” means tax as provided under section 159;

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• Excess Profit

  Excess Profit

  Defined · s 157

  “Excess Profit” means the amount computed in accordance with section 176;

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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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• Net GloBE Income

  Net GloBE Income

  Defined · s 157

  “Net GloBE Income” means the amount as determined in accordance with subsection 174(4);

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• Substance-based Income Exclusion

  Substance-based Income Exclusion

  Defined · s 157

  “Substance-based Income Exclusion” means the jurisdictional payroll carve-out and the tangible asset carve-out for each Constituent Entity as determined under section 180;

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