Global Minimum Tax Act (S.C. 2024, c. 17, s. 81)
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Act current to 2024-06-20
PART 2Global Minimum Tax (continued)
DIVISION 2Computation of GloBE Income or Loss (continued)
SUBDIVISION BAdjustments in Computing GloBE Income or Loss
Marginal note:Net tax expense
18 (1) An amount is included or excluded, as the case may be, in computing GloBE income or loss of a constituent entity for a fiscal year in order to reverse any debits or credits in the constituent entity’s financial accounting income in respect of
(a) covered taxes (including, for greater certainty, any covered tax in respect of income that is excluded from the computation of GloBE income or loss);
(b) to the extent it is not included in paragraph (a), any deferred tax asset attributable to a loss for the fiscal year;
(c) any tax under an IIR or UTPR;
(d) any tax under a qualified domestic minimum top-up tax;
(e) any tax paid or accrued by an insurance company in respect of returns to policyholders; or
(f) any disqualified refundable imputation tax.
Marginal note:Purchase price accounting adjustments
(2) GloBE income or loss, of a constituent entity for a fiscal year, excludes amounts in respect of any purchase price accounting adjustment reflected in the consolidated financial statements of the ultimate parent entity or the constituent entity’s financial accounts, arising as a result of an entity becoming a group entity because of the acquisition of ownership interests in that entity by an existing group entity, unless
(a) the acquisition occurs before December 1, 2021; and
(b) it is not reasonably practicable to determine the constituent entity’s financial accounting income in the absence of the adjustment.
Marginal note:Excluded dividends
(3) In computing the GloBE income or loss, of a constituent entity for a fiscal year, the following rules apply in respect of excluded dividends:
(a) the constituent entity’s GloBE income or loss for the fiscal year excludes any excluded dividends received or accrued by the constituent entity in the fiscal year; and
(b) if the filing constituent entity elects in respect of the constituent entity for a fiscal year,
(i) for the purposes of this subsection and the definition excluded dividends in subsection 2(1), all portfolio holdings of the constituent entity are deemed to be short-term portfolio holdings, and
(ii) the election is a five-year election.
Marginal note:Excluded equity gains and losses
(4) In computing the GloBE income or loss of a constituent entity for a fiscal year, the constituent entity’s GloBE income or loss excludes any excluded equity gain or loss of the constituent entity for the fiscal year.
Marginal note:Insurance reserves
(5) If a constituent entity is an insurance company, any expense in respect of the movement of insurance reserves of the entity is excluded in computing that entity’s GloBE income or loss for the fiscal year to the extent that the movement is economically matched by
(a) excluded dividends, net of any investment management fees, from a security held on behalf of a policyholder; or
(b) excluded equity gains or losses from a security held on behalf of a policyholder.
Marginal note:Hedging currency risk — election
(6) If the filing constituent entity elects, in respect of a particular constituent entity for a fiscal year, the following rules apply:
(a) any amount, in respect of a foreign exchange gain or loss, that is included in the particular constituent entity’s financial accounting income for a fiscal year is deemed to be an excluded equity gain or loss of the particular constituent entity for the year, to the extent that
(i) the gain or loss is
(A) in respect of a hedging instrument that hedges currency risk in respect of ownership interests (other than portfolio holdings) held by the particular constituent entity or another group entity, and
(B) recognized in other comprehensive income in the consolidated financial statements,
(ii) the hedging instrument is an effective hedge under the authorized financial accounting standard used in the preparation of the consolidated financial statements, and
(iii) the economic and accounting effect of the hedging instrument
(A) has not been transferred to another entity, if the particular constituent entity holds the hedging instrument, or
(B) has been transferred to the particular constituent entity, if the particular constituent entity does not hold the hedging instrument; and
(b) the election is a five-year election.
Marginal note:Equity gain or loss inclusion — election
(7) If the filing constituent entity elects, in respect of the group entities of the MNE group that are located in a jurisdiction, to include excluded equity gains or losses in computing GloBE income or loss for a fiscal year, the following rules apply:
(a) despite subsection (4), the GloBE income or loss of a group entity that is located in the jurisdiction includes an excluded equity gain or loss of the entity for the fiscal year to the extent that
(i) all of the following conditions are met:
(A) the gain or loss is subject to covered taxes (as a taxable gain or allowable loss) in the jurisdiction,
(B) the tax consequences of the taxable gain or allowable loss are reflected in the income tax expense in the group entity’s financial accounts,
(C) in the case of a gain from a disposition of an ownership interest, the gain is not excluded, reduced, offset or otherwise effectively sheltered from tax under local law by reason of any exemption, exclusion, deduction, credit or other form of relief specific to the type of gain,
(ii) in the case of a gain or loss described in paragraph (a) of the definition excluded equity gain or loss in subsection 2(1) that is not subject to covered taxes in the jurisdiction,
(A) gains or losses on the disposition of the ownership interest are subject to covered taxes in the jurisdiction, and
(B) the income tax expense in the group entity’s financial accounts includes deferred tax expense in respect of the changes in fair value or impairments, and
(iii) the gain or loss is in respect of an ownership interest that is not a qualified flow-through ownership interest (as defined in subsection 28(1));
(b) the election is a five-year election; and
(c) if the election is revoked, the revocation is not effective in respect of a particular ownership interest where a loss in respect of that particular ownership interest is included in computing a group entity’s GloBE income or loss because of this subsection.
Marginal note:Included revaluation method gain or loss
(8) GloBE income or loss, of a constituent entity for a fiscal year, includes any included revaluation method gain or loss of the constituent entity for the fiscal year.
Marginal note:Asymmetric foreign currency gains and losses
(9) If a constituent entity’s accounting functional currency is different from its tax functional currency, the constituent entity’s GloBE income or loss for a fiscal year
(a) includes a particular amount of gain or loss to the extent that
(i) the particular amount is
(A) attributable to fluctuations in the exchange rate between the accounting functional currency and tax functional currency,
(B) included in the computation of the constituent entity’s income for tax purposes, and
(C) not included in the constituent entity’s financial accounting income, or
(ii) the particular amount is
(A) attributable to fluctuations in the exchange rate between the tax functional currency and another currency that is not the accounting functional currency, and
(B) not included in the constituent entity’s financial accounting income (whether or not the particular amount is included in the constituent entity’s income for tax purposes); and
(b) excludes a particular amount of gain or loss to the extent that
(i) the particular amount is
(A) attributable to fluctuations in the exchange rate between the accounting functional currency and tax functional currency,
(B) included in the constituent entity’s financial accounting income, and
(C) not included in the computation of the constituent entity’s income for tax purposes, or
(ii) the particular amount is
(A) attributable to fluctuations in the exchange rate between the accounting functional currency and another currency that is not the tax functional currency,
(B) included in the constituent entity’s financial accounting income, and
(C) not included in the computation of the constituent entity’s income for tax purposes.
Marginal note:Policy disallowed expenses
(10) GloBE income or loss, of a constituent entity for a fiscal year, excludes
(a) expenses recorded by the constituent entity for illegal payments, including bribes and kickbacks;
(b) an expense recorded by the constituent entity for a fine or penalty equal to or greater than €50,000; and
(c) expenses recorded by the constituent entity for fines or penalties, the total of which amounts is equal to or greater than €50,000, if the fines or penalties are in respect of the same conduct, or for continuing conduct.
Marginal note:Prior period errors and changes in accounting principles
(11) If there has been a change in the opening equity of a constituent entity at the start of a fiscal year, the constituent entity’s GloBE income or loss for the fiscal year includes the amount of that change if the change is attributable to
(a) a correction of an error in the accounts for a previous fiscal year that affected the income or expenses included in the computation of GloBE income or loss for that year, except to the extent the correction of that error resulted in a material decrease in a liability for covered taxes subject to paragraph 27(1)(b); or
(b) a change in accounting principle or policy that affects income or expenses included in the computation of GloBE income or loss.
Marginal note:Pension expense
(12) GloBE income or loss, of a constituent entity for a fiscal year, includes the positive or negative amount determined by the formula
(A + B) × (−1)
where
- A
- is
(a) the amount, expressed as a negative number, that is recorded in the constituent entity’s financial accounting income for the fiscal year as pension liability expense in respect of a pension fund, or
(b) the amount that is recorded in the constituent entity’s financial accounting income for the fiscal year as income in respect of a pension fund; and
- B
- is the amount of pension contributions made by the constituent entity to the pension fund in the fiscal year.
Marginal note:Arm’s length requirement — certain transactions
(13) GloBE income or loss of a particular constituent entity of an MNE group for a fiscal year is to be adjusted to ensure that a transaction is reflected in accordance with the arm’s length principle if
(a) the particular constituent entity is party to the transaction with another constituent entity of the MNE group that is located in the same jurisdiction;
(b) either
(i) the recorded value of the transaction is not the same in each of the constituent entities’ financial accounts, or
(ii) the transaction is not recorded, in the particular constituent entity’s financial accounts, in accordance with the arm’s length principle; and
(c) where subparagraph (b)(ii) applies, any of the following conditions is met:
(i) only one of the constituent entities is a minority-owned constituent entity,
(ii) only one of the constituent entities is an investment entity or insurance investment entity,
(iii) the transaction is a sale or other transfer of an asset that results in a loss that is included in computing the GloBE income or loss of one of the constituent entities for the fiscal year.
Marginal note:Arm’s length requirement — accounting and tax
(14) If a transaction between two or more constituent entities of an MNE group (referred to in this subsection as the “counterparties”) that are not located in the same jurisdiction is not recorded in the same amount, not recorded in accordance with the arm’s length principle or not recorded at all in the financial accounts of the counterparties for a fiscal year
(a) the GloBE income or loss of each of the counterparties is to be adjusted to reflect the amount determined in respect of the transaction in computing the counterparties’ incomes for tax purposes, if
(i) as a result of transfer pricing adjustments, a difference between the treatment of an amount for tax purposes and for accounting purposes that is not eliminated over time and does not give rise to deferred tax (referred to in this subsection as a “permanent difference”) arises for each counterparty in respect of the transaction, and
(ii) the permanent difference for each counterparty corresponds to the permanent difference for the other counterparty; or
(b) the GloBE income or loss of each of the counterparties is to be adjusted to reflect the amount determined, as a result of a transfer pricing adjustment, in respect of the transaction in computing the income for tax purposes of one of the counterparties (referred to in this paragraph as the “high-tax entity”), if
(i) as a result of the transfer pricing adjustment, a permanent difference arises for the high-tax entity in respect of the transaction but does not arise for the other counterparty, and
(ii) the following conditions are met:
(A) the nominal tax rate that applies to the high-tax entity equals or exceeds the minimum rate, and
(B) the effective tax rate of the MNE group for the jurisdiction equals or exceeds the minimum rate in at least one of the two fiscal years immediately preceding the fiscal year.
Marginal note:Qualified refundable tax credits
(15) In computing the GloBE income or loss of a constituent entity for a fiscal year, a qualified refundable tax credit is treated as income as follows:
(a) if the tax credit is related to the acquisition or construction of assets and the originator has an accounting policy of reducing the carrying value of its assets in respect of such tax credits or recognizing the tax credit as deferred income, the originator must follow the accounting policy; and
(b) in any other case, the face value of the tax credit is treated as income in the fiscal year in which the entitlement under the tax credit accrues.
Marginal note:Marketable transferable tax credits
(16) In computing the GloBE income or loss of a constituent entity for a fiscal year,
(a) if the constituent entity is an originator of a marketable transferable tax credit, the face value of the tax credit is treated as income in the origination year, subject to the following rules:
(i) if the tax credit is transferred within 15 months of the end of the origination year, the purchase price (and not the face value) of the tax credit is treated as income in the origination year,
(ii) if the tax credit is related to the acquisition or construction of assets and the originator has an accounting policy of reducing the carrying value of its assets in respect of such tax credits, or recognizing the tax credit as deferred income, the originator must follow this same accounting policy,
(iii) if the tax credit is transferred more than 15 months after the end of the origination year,
(A) if the tax credit is described in subparagraph (ii), the amount by which the face value of the tax credit that was included in GloBE income or loss under that subparagraph exceeds the purchase price of the tax credit is treated as a loss on a pro rata basis over the remaining productive life of the asset, and
(B) in any other case, the amount by which the face value of the tax credit that was included in GloBE income or loss in the origination year exceeds the purchase price of the tax credit is treated as a loss in the fiscal year of the transfer, and
(iv) if all or a portion of the tax credit expires without use, the face value attributable to the expired portion of the tax credit is treated as a loss or increase to the carrying value of the asset, as the case may be, in the fiscal year of the expiration; and
(b) if the constituent entity is an unrelated purchaser of a marketable transferable tax credit, the following rules apply:
(i) if all or a portion of the tax credit is used by the unrelated purchaser to satisfy its liability for a covered tax, the amount by which the face value of the tax credit exceeds the purchase price is treated as income in the fiscal year in which, and in the proportion to which, the amount of the tax credit is used by the unrelated purchaser to satisfy its liability for a covered tax,
(ii) if the tax credit is transferred by the unrelated purchaser to another unrelated purchaser, the total of the sale price and any amount of the credit that has been used, minus the total of the purchase price and any gain recognized from use of the tax credit under subparagraph (i), is treated as income or loss, as the case may be, of the unrelated purchaser in the fiscal year of the transfer, and
(iii) if the tax credit expires without use, the amount by which the total of the purchase price and any gain recognized from use of the tax credit under subparagraph (i) exceeds the amount of the tax credit used is treated as a loss in the fiscal year of the expiration.
Marginal note:Other tax credits
(17) In computing the GloBE income or loss of a constituent entity for a fiscal year, the face value of a tax credit (other than a qualified refundable tax credit or a marketable transferable tax credit) is not treated as income.
Marginal note:Anti-avoidance — intragroup financing arrangements
(18) GloBE income or loss of a constituent entity that is a low-tax entity for a fiscal year excludes any expense that is attributable to an intragroup financing arrangement that can reasonably be expected, over the duration of the arrangement,
(a) to increase the amount of expenses taken into account in computing the GloBE income or loss of the low-tax entity; and
(b) not to result in a corresponding increase in the income for tax purposes of a high-tax counterparty for the fiscal year, including because an amount received or receivable in respect of the arrangement by the high-tax counterparty can reasonably be considered to be eligible for an exclusion, exemption, deduction, credit or other tax benefit under local law where the amount of that benefit is calculated by reference to the amount of payment received.
Marginal note:Insurance companies
(19) If a constituent entity is an insurance company, the constituent entity’s GloBE income or loss for a fiscal year
(a) excludes any amount that is
(i) included in the constituent entity’s financial accounting income for the fiscal year, and
(ii) in respect of a charge to policyholders for taxes paid by the constituent entity in respect of returns to the policyholders, to the extent an amount is included in computing the constituent entity’s GloBE income or loss under paragraph (1)(e); and
(b) includes returns to policyholders that are not reflected in the constituent entity’s financial accounting income for the fiscal year, to the extent that a corresponding increase or decrease in liability to policyholders is reflected in its financial accounting income.
Marginal note:Qualifying tier one capital
(20) In computing the GloBE income or loss of a constituent entity for a fiscal year,
(a) if an amount is recognized as a decrease to the equity of the constituent entity attributable to a distribution paid or payable in respect of qualifying tier one capital issued by the constituent entity, the amount is treated as an expense; and
(b) if an amount is recognized as an increase to the equity of the constituent entity attributable to distributions received or receivable in respect of qualifying tier one capital held by the constituent entity, the amount is treated as income.
Marginal note:Stock-based compensation expense — election
(21) If a filing constituent entity elects under this subsection, in respect of the costs or expenses of the group entities that are located in a jurisdiction that were paid with stock-based compensation (each referred to in this subsection as a “stock-based compensation expense”), the following rules apply:
(a) the election is a five-year election;
(b) in computing the GloBE income or loss of each group entity that is located in that jurisdiction for a fiscal year to which the election applies, the amount allowed as a deduction in respect of any stock-based compensation expense in computing that entity’s income for tax purposes under the law of that jurisdiction for a local taxation year ending in the fiscal year is to be substituted for the amount of that stock-based compensation expense reflected as an expense in that entity’s financial accounting income for that fiscal year;
(c) in computing the GloBE income or loss of each group entity that is located in that jurisdiction for any fiscal year to which the election applies, the group entity is to include as income an amount equal to the total of all amounts, each of which is a stock-based compensation expense that
(i) arose in respect of an option that expires without exercise in the fiscal year, and
(ii) was allowed as an expense in computing the GloBE income or loss of the group entity in accordance with the election for a prior fiscal year;
(d) if the election applies with respect to stock-based compensation expenses arising from a transaction, and any amount in respect of the stock-based compensation expenses arising from that transaction was reflected in the financial accounting income of a group entity for a fiscal year preceding the first fiscal year to which the election applies, in computing GloBE income or loss of that group entity for that first fiscal year, the amount determined by the following formula is to be included as income:
A − B
where
- A
- is the total of all amounts, each of which is an amount in respect of stock-based compensation expenses arising from that transaction that was allowed as an expense in computing the group entity’s GloBE income or loss for a fiscal year preceding the first fiscal year, and
- B
- is the total of all amounts, each of which is the amount in respect of those stock-based compensation expenses that would have been allowed as an expense in computing the GloBE income or loss of the group entity for a fiscal year preceding the first fiscal year, if the election had applied to that preceding fiscal year; and
(e) if the election is revoked, and any options in respect of any stock-based compensation to which the election applied have not been exercised — and the exercise period has not yet ended — before the revocation year, in computing GloBE income or loss of a group entity that is located in the jurisdiction for the revocation year, the amount determined by the following formula is to be included as income:
A − B
where
- A
- is the total of all amounts, each of which is an amount in respect of that stock-based compensation expense allowed as an expense in computing the GloBE income or loss of the group entity in accordance with the election for a fiscal year preceding the revocation year, and
- B
- is the total of all amounts, each of which is the amount in respect of that stock-based compensation that accrued as an expense in the group entity’s financial accounts, and would have been allowed as an expense in computing the group entity’s GloBE income or loss if the election had not applied, for a fiscal year preceding the revocation year.
Marginal note:Fair value and impairment accounting — election
(22) If a filing constituent entity elects under this subsection, in respect of a jurisdiction, to determine gains and losses using the realization principle for the purpose of computing GloBE income or loss for a fiscal year, the following rules apply:
(a) the election is a five-year election;
(b) the election applies to
(i) all entities that are
(A) if the filing constituent entity specifies in the election that it is to apply only to investment entities, group entities that are investment entities that are located in the jurisdiction, and
(B) in any other case, group entities that are located in the jurisdiction, and
(ii) all assets and, if clause (B) applies, all liabilities that are
(A) if the filing constituent entity specifies in the election that it is to apply only to tangible assets, tangible assets subject to fair value accounting or impairment accounting, and
(B) in any other case, assets and liabilities subject to fair value accounting or impairment accounting;
(c) if the election applies to a constituent entity for a fiscal year,
(i) gains or losses attributable to fair value or impairment accounting with respect to assets or liabilities to which the election applies are excluded in computing GloBE income or loss of the constituent entity for the fiscal year, and
(ii) for the purpose of determining a gain or loss in respect of an asset or liability that is subject to the election, the carrying value of the asset or liability is its carrying value at the later of
(A) the beginning of the first fiscal year to which the election applies, and
(B) the date on which the asset was acquired or the liability was incurred; and
(d) if the election is revoked and a constituent entity to which the election applied holds an asset or liability to which the election applied at the beginning of the revocation year, the constituent entity’s GloBE income or loss for the revocation year includes the positive or negative amount determined by the formula
A − B
where
- A
- is the fair value of the asset or liability at the beginning of the revocation year, and
- B
- is the carrying value of the asset or liability as determined under subparagraph (c)(ii).
Marginal note:Aggregate asset gain — election
(23) If the filing constituent entity elects under this subsection in respect of the aggregate asset gain for a fiscal year (referred to in this subsection as the “election year”) of the constituent entities of the MNE group that are located in a particular jurisdiction (each referred to in this subsection as a “local entity”), the following rules apply:
(a) covered taxes with respect to any net asset gain or net asset loss of a local entity in the election year are to be excluded in computing adjusted covered taxes;
(b) GloBE income or loss of local entities for the election year
(i) excludes any amounts allocated to local entities under paragraph (d) or (e) (other than any amount allocated to the election year under paragraph (e)), and
(ii) includes any amounts allocated to the election year under paragraph (e);
(c) for the purposes of subsection 31(1), GloBE income or loss, of a local entity for a fiscal year, is adjusted as follows:
(i) an amount allocated to a local entity under paragraph (d) for a fiscal year reduces the entity’s net asset loss for that year, and
(ii) an amount allocated to a local entity under paragraph (e) for a fiscal year is included as income for that year;
(d) amounts in respect of the aggregate asset gain are carried back to loss years within the look-back period, in order from the earliest loss year to the latest loss year, and allocated to the local entities for those loss years, with the amount allocated to any particular local entity for any particular loss year being determined by the formula
A × B ÷ C
where
- A
- is the lesser of
(i) the aggregate asset loss of local entities for the particular loss year, less the total of the amounts, if any, already allocated to those entities for that particular year under this paragraph because of a previous election under this subsection, and
(ii) the aggregate asset gain, less the total of the amounts, if any, allocated in respect of that gain under this paragraph to local entities for a preceding loss year,
- B
- is the particular local entity’s net asset loss for the particular loss year, and
- C
- is the total of all amounts, each of which is the net asset loss of a local entity for the particular loss year; and
(e) if any amount of the aggregate asset gain remains after reducing it by the total of the amounts in respect of the aggregate asset gain allocated to local entities under paragraph (d), that remainder is allocated evenly to each fiscal year in the look-back period (each referred to in this paragraph as a “look-back year”), with the amount that is allocated to a particular local entity for a particular look-back year being determined by the formula
A ÷ 5 × B ÷ C
where
- A
- is the aggregate asset gain, less the total of the amounts in respect of that aggregate asset gain allocated to local entities under paragraph (d),
- B
- is
(i) if no local entity has a net asset gain for the particular look-back year, 1, and
(ii) in any other case, the particular local entity’s net asset gain for the particular look-back year, and
- C
- is
(i) if subparagraph (i) of the description of B applies, the total number of local entities for the particular look-back year, and
(ii) if subparagraph (ii) of the description of B applies, the total of all amounts, each of which is the net asset gain of a local entity for the particular look-back year.
Marginal note:Tax consolidated group — election
(24) If a filing constituent entity elects under this subsection in respect of the standard constituent entities of an MNE group that are located in a particular jurisdiction and included in a tax consolidated group (each referred to in this subsection as a “relevant local entity”), the following rules apply:
(a) the financial accounting income of the relevant local entities is adjusted for a fiscal year for which the election has effect by applying the consolidated accounting treatment of the ultimate parent entity to eliminate income, expenses, gains and losses arising from transactions between relevant local entities;
(b) the election is a five-year election;
(c) the financial accounting income of the relevant local entities is to be adjusted for the first fiscal year for which the election has effect to ensure that there are no duplications or omissions of items of income, expenses, gains or losses arising as a result of electing under this subsection;
(d) if an election under this subsection is revoked, the financial accounting income of relevant local entities is to be adjusted for the revocation year to ensure that there are no duplications or omissions of items of income, expenses, gains or losses arising as a result of the revocation; and
(e) for the purposes of this subsection, relevant local entities that are located in a jurisdiction are considered to be included in a tax consolidated group if, under the law of that jurisdiction, the income, expenses, gains or losses of those group entities may be shared for tax purposes by virtue of a connection between the entities based on ownership or common control.
Marginal note:Qualified debt release — election
(25) If a filing constituent entity elects under this subsection for a fiscal year in respect of a constituent entity, the constituent entity’s GloBE income or loss excludes any qualified debt release amounts of the entity for the year.
Marginal note:Permanent establishments — losses
(26) Despite subsection 17(3), if a constituent entity that is a permanent establishment would, in the absence of this subsection, have a GloBE loss (referred to in this subsection as the “loss amount”) for a fiscal year
(a) that loss amount is to be treated as an expense of the main entity in respect of the permanent establishment (and not of the permanent establishment) in computing its GloBE income or loss for the fiscal year, to the extent that the loss amount
(i) is treated as an expense for the purposes of the computation of tax in the jurisdiction in which the main entity is located, and
(ii) is not set off against an item of income that is subject to tax under the laws of both the jurisdiction of the permanent establishment and of the main entity; and
(b) if the permanent establishment would, in the absence of this subsection, have GloBE income (referred to in this paragraph as the “income amount”) for a subsequent fiscal year, that income amount is treated as GloBE income of the main entity (and not of the permanent establishment) to the extent of the lesser of
(i) the income amount of the permanent establishment for the subsequent fiscal year, and
(ii) the amount, if any, by which the loss amount described in paragraph (a) exceeds the total of all amounts, each of which is, in respect of that loss amount, an amount that was treated as GloBE income of the main entity (and not of the permanent establishment) in a prior fiscal year under this paragraph.
- Date modified: