Finance (No. 2) Act 2023 · Updated to 29 Dec 2023 · Chapter 11
197. Transitional relief for the Substance-based Income Exclusion
Feedback & supportFor the purpose of applying subsection 180(4), the value of five per cent shall be replaced with the value set out in the table set out below for each Financial Year beginning in each of the following Financial Years:
Financial Year
“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;
Financial Year Beginning In
Subsection 180(4)
Rate 2025 9.6%
2026 9.4%
2027 9.2%
2028 9.0%
2029 8.2%
2030 7.4%
2031 6.6%
2032 5.8%
For the purpose of applying subsection 180(5), the value of five per cent shall be replaced with the value set out in the table set out below for each Financial Year beginning in each of the following calendar years:
Financial Year Beginning In
Subsection 180(5)
Rate 2025 7.6%
2026 7.4%
2027 7.2%
2028 7.0%
2029 6.6%
2030 6.2%
2031 5.8%
2032 5.4%