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Marginal note:Enactment

• 81 (1) The Global Minimum Tax Act is enacted as follows:

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  Marginal note:Definitions

  • 2 (1) The following definitions apply in this Act.

    authorized financial accounting standard

    authorized financial accounting standard , in respect of an entity, means a set of generally acceptable accounting principles permitted by the body responsible for prescribing, establishing or accepting accounting standards for financial reporting purposes in the jurisdiction where the entity is located. (norme de comptabilité financière agréée)

    eligible distribution tax system

    eligible distribution tax system , of a jurisdiction, means a corporate income tax system that is applicable in the jurisdiction that

    • (a) generally imposes tax on the profits, or certain non-business expenses, of a corporation only when the corporation

      • (i) distributes those profits to its shareholders,

      • (ii) is deemed to distribute those profits to its shareholders, or

    international organization

    international organization  means any intergovernmental or supranational organization, or an entity that acts for, is part of or is wholly owned by that organization, if

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    • (b) it has in effect a headquarters agreement or substantially similar agreement, such as arrangements for privileges or immunities in respect of its offices or establishments, with the jurisdiction in which it is established; and

    non-profit organization

    non-profit organization  means an entity, if

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    • (c) the entity has no shareholders or members that have a proprietary or beneficial interest in its income or assets;

    tax treaty

    tax treaty  means an agreement for the avoidance of double taxation with respect to taxes on income and on capital. (convention fiscale)

    unrelated purchaser

    unrelated purchaser , in respect of the transfer of a tax credit by a person, means another person that acquires the tax credit unless

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    • (b) one of the persons owns directly or indirectly,

      • (i) if the other person is a corporation, shares of the capital stock of the corporation that

        • (A) give their holder at least 50% of the votes of the shareholders of the corporation, and

    • (c) a third person owns, directly or indirectly, in respect of each of the other persons

      • (i) if one or both of those other persons are corporations, shares of the capital stock of each such corporation that

        • (A) give their holder at least 50% of the votes of the shareholders of the corporation, and

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  Marginal note:Definitions

  • 42 (1) The following definitions apply in this section.

    undistributed net GloBE income

    undistributed net GloBE income , of an investment entity for a tested year, means the amount determined by the formula

    A − B

    where

    B 

    is the total of all amounts, other than to the extent the amounts are taken into account as reductions in computing the undistributed net GloBE income of the investment entity for a previous tested year, each of which is

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    • (b) a distribution or deemed distribution by the investment entity that is received by shareholders (other than other investment entities) in the testing period in respect of the tested year,

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  Marginal note:Definitions

  • 55 (1) The following definitions apply in this Part.

    GIR exchange date

    GIR exchange date , in respect of a qualifying MNE group for a fiscal year, means the date that exchanges of GIR information are due to occur under the applicable (or relevant) qualifying competent authority agreement. (date d’échange DRG)

    qualifying competent authority agreement

    qualifying competent authority agreement means an agreement that

    • (a) is between authorized representatives of the jurisdictions that are parties to a listed international agreement (as defined in subsection 248(1) of the Income Tax Act); and

    qualifying foreign filing entity

    qualifying foreign filing entity , in respect of a qualifying MNE group for a fiscal year, means a constituent entity of the MNE group, if

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    • (d) the filing jurisdiction has a qualifying competent authority agreement that is in effect, and to which Canada is a party, on or before the GIR exchange date for the fiscal year. (entité déclarante étrangère admissible)

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  Marginal note:Definitions

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  • (4) Subsections (2) and (3) do not apply in respect of

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    • (c) any legal proceedings under an international agreement relating to trade before

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      • (iii) a dispute settlement panel or an appellate body created under an international agreement relating to trade.

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  • (6) An official may

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    • (c) provide confidential information

      • (i) to an official of the Department of Finance solely for the purposes of the administration of a federal-provincial agreement made under the Federal-Provincial Fiscal Arrangements Act,

      • (ii) to an official solely for the purposes of the formulation, evaluation or implementation of a fiscal or trade policy or solely for the purposes of the administration or enforcement of any Act of Parliament or law of a province that provides for the imposition or collection of a tax or duty or an international agreement relating to trade,

      • (iii) to an official solely for the purposes of the negotiation or implementation of an international agreement relating to trade, a tax treaty or an agreement for the exchange of information for tax purposes,

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      • (v) to an official solely for the purpose of setting off, against any sum of money that may be payable by His Majesty in right of Canada, a debt due to

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        • (B) His Majesty in right of a province on account of taxes payable to the province if an agreement exists between Canada and the province under which Canada is authorized to collect taxes on behalf of the province, or

    • (d) provide confidential information to an official or any person employed by or representing the government of a foreign state, an international organization established by the governments of states, a community of states, or an institution of any such government or organization, in accordance with and solely for the purposes set out in an international convention, agreement or other written arrangement relating to trade between the Government of Canada or an institution of the Government of Canada and the government of the foreign state, the organization, the community or the institution;

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  Marginal note:Collection restrictions

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  • Marginal note:No action pending determination

    (4) If a person has agreed under subsection 95(1) that a question should be determined by the Tax Court of Canada, or if a person is served with a copy of an application made under subsection 96(1) to that Court for the determination of a question, the Minister must not take any of the actions referred to in subsection (1) for the purpose of collecting that part of an amount assessed, the liability for payment of which could be affected by the determination of the question, before the day on which the question is determined by the Court.

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