Taxation (Multinational—Global and Domestic Minimum Tax) Rules 2024
5‑15 Meaning of Net GloBE Income and Net5‑15 Meaning of Net GloBE Income and Net GloBE Loss
Start here
Get a plain-English read of 5‑15 Meaning of Net GloBE Income and Net
Turn the raw legal text into a practical explanation grounded in Taxation (Multinational—Global and Domestic Minimum Tax) Rules 2024.
5‑15 Meaning of Net GloBE Income and Net GloBE Loss
(1) If, for an MNE Group for a jurisdiction for a Fiscal Year, the amount computed in accordance with the formula in subsection (2): (a) is a positive amount—the Net GloBE Income of the MNE Group for the jurisdiction for the Fiscal Year is that amount; or (b) is zero or a negative amount—the Net GloBE Loss of the MNE Group for the jurisdiction for the Fiscal Year is the absolute value of that amount. (2) For the purposes of subsection (1), the formula is as follows: Start formula GloBE Income of all Constituent Entities minus GloBE Losses of all Constituent Entities end formula where:
GloBE Income of all Constituent Entities is the sum of the GloBE Income for the Fiscal Year of all Constituent Entities of the MNE Group located in the jurisdiction.
GloBE Losses of all Constituent Entities is the sum of the GloBE Losses for the Fiscal Year of all Constituent Entities of the MNE Group located in the jurisdiction.