Taxation (Multinational—Global and Domestic Minimum Tax) Rules 2024
3‑60 Meaning of tax functional currency 3‑60 Meaning of tax functional currency and accounting functional currency
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3‑60 Meaning of tax functional currency and accounting functional currency
(1) A Constituent Entity’s tax functional currency for a Fiscal Year is the functional currency used to compute the Constituent Entity’s taxable income or loss for the Fiscal Year for a Covered Tax: (a) unless paragraph (b) applies—in the jurisdiction in which it is located; or (b) if the Constituent Entity is a Stateless Constituent Entity—in the jurisdiction in which it is created. (2) A Constituent Entity’s accounting functional currency for a Fiscal Year is the functional currency used to compute the Constituent Entity’s Financial Accounting Net Income or Loss for the Fiscal Year.