Table of Concordance
This Table of Concordance cross-references certain provisions of the proposed Global Minimum Tax Act (the "Act") with the source documents on which they are based, being the provisions of the GloBE model rules, the GloBE commentary, the administrative guidance in respect of the GloBE model rules, the GloBE Information Return and the GloBE Safe Harbours and Penalty Relief document, all as approved by the Inclusive Framework and published by the OECD. (Terms used in this paragraph and defined in the Act have the meanings assigned in the Act.)
This Table of Concordance is intended only as an unofficial guide for users of the Act, and neither as a source of law nor interpretive aid. While every effort was made to achieve accuracy, only the Act is authoritative.
| Global Minimum Tax Act | GloBE model rules, GloBE commentary, administrative guidance (AG) |
|---|---|
| Part I – Interpretation and Rules of Application | |
| 4(1) (selected definitions set out below) | Art. 10.1. |
| "adjustment year" | Art. 5.4.1. |
| "aggregate asset loss" | Art. 3.2.6. |
| "blended controlled foreign company tax regime" | Commentary to Art. 4.3.2.(c), para. 58.1 to 58.7 (AG Feb. 2023, 2.10.) |
| "disallowed accrual" | Art. 4.4.6. |
| "excluded dividend" | Art. 3.2.1.(b) and Art. 10.1.; Commentary to Art. 3.2.1.(b), para. 37, and to Art. 10.1. "ownership interest", para 85 (AG Feb. 2023, 2.3.) |
| "fiscally transparent" | Art. 10.2.2. |
| "flow-through entity" | Art. 10.2.1. |
| "GIR" | Art. 8.1.4.; GloBE Information Return July 2023 |
| "GIR due-date" | Art. 8.1.6. and 9.4.1. |
| "hybrid entity" | Art. 10.2.5. |
| "international shipping" | Art. 3.3.2.; Commentary to Art. 3.3.2., para. 152 |
| "international traffic" | Art. 3.3.2.; Commentary to Art. 3.3.2. para. 152 |
| "joint venture group" | Art. 10.1. "JV Group" |
| "joint venture parent" | Art. 10.1. "Joint Venture" |
| "joint venture subsidiary" | Art. 10.1. "JV Subsidiary" |
| "local taxation year" | Art. 3.2.2. |
| "minority-owned subgroup" para. (b) | Art. 5.6.2. |
| "mutual insurance company" | Commentary to Art. 7.5., para. 91 and 91.1 (AG Feb. 2023, 3.6.) |
| "patronage dividend" | Art. 7.2. |
| "qualified debt release amount" | Commentary to Art. 3.2.1., para. 86.1 to 86.7 (AG Feb. 2023, 2.4.) |
| "qualified domestic minimum top-up tax" | Commentary to Art. 10.1., para. 118.1 to 118.53 (AG Feb. 2023, 5.1.); Chapters 4 and 5. |
| "qualifying tier one capital" | Commentary to Art. 3.2.10., para. 142 (AG Feb. 2023, 3.3.) |
| "recapture exception accrual" | Art. 4.4.5. |
| "reverse hybrid entity" | Art. 10.2.1.(b) |
| "stateless constituent entity" | Art. 10.3.2.(b) and 10.3.3.(d) |
| "substitute loss carry-forward recapture amount" | Commentary to Art. 4.4.1.(e), para. 82.1 to 82.4 (AG Feb. 2023, 2.8.) |
| "substitute loss carry-forward tax credit" | Commentary to Art. 4.4.1.(e), para. 82.1 to 82.4 (AG Feb. 2023, 2.8.) |
| "tax transparent entity" | Art. 10.2.1.(a) |
| "tax transparent structure" | Art. 10.2.3. |
| "transitional special allocation year" | Commentary to Art. 4.3.2., para. 58.1 to 58.7 (AG Feb. 2023, 2.10.) |
| "unclaimed accrual" | Art. 4.4.7. |
| 4(5) | Commentary to Art. 10.1., para. 23, 39 and 145; Commentary to Art. 3.2.1., para. 86.6 (AG Feb. 2023, 2.4.) |
| 4(7) | Art. 10.2.4. |
| 5(1) | Art. 10.3.1. |
| 5(2) | Art. 10.3.2. |
| 5(3) | Art. 10.3.3. |
| 5(4) | Commentary to Art. 10.3., para. 174 and 175 |
| 5(5) | Art. 10.3.6. |
| 6(1) | Art. 10.3.4. |
| 6(2) | Art. 10.3.4.(b)(ii) |
| 6(3) | Art. 10.3.5. |
| 7(1) | Commentary to Art. 3.1.2., para. 5.1 to 5.6 (AG July 2023); Commentary, Introduction, para. 17.1 and 17.2 (AG July 2023) |
| 7(2) | Commentary, Introduction, para. 20.1 to 20.4 (AG July 2023) |
| 9(1) | Art. 1.1. |
| 9(2) | Art. 1.1. |
| 9(3) | Art. 6.1.1.(a) and (b) |
| 9(4) | Art. 6.1.1.(c) |
| 9(5) | Art. 6.1.2. |
| 9(6) | Art. 6.1.3. |
| 9(7) | Art. 6.1.1.(a) and (b) |
| 10(1) | Art. 1.2.1. |
| 10(2) | Art. 1.2.2. and 1.2.3. |
| 11(1) | Art. 1.3.1. and 1.3.3. |
| 11(2) | Art. 1.3.2. |
| 11(3) | Art. 5.1.3. |
| 12(1) | Art. 1.4.1. |
| 12(2) | Commentary to Art. 1.4.1., para. 36.1 to 36.4 (AG Feb. 2023, 1.4.) |
| 13(1) | Art. 1.5.1. and 1.5.2.; Commentary to Art. 1.5.2., para 43.1, 53 and 54.1 (AG Feb. 2023, 1.5.) |
| 13(2) | Art. 1.5.3. |
| Part II – Global Minimum Tax | |
| Division A – Liability for Tax | |
| 14(1) | Art. 2.1. |
| 14(2) | Art. 2.1. |
| 14(3) | Art. 2.1. |
| 15(1) | Art. 2.1. and 2.3. |
| 15(2) | Art. 2.2.1. |
| 15(3) | Art. 2.2.2. and 2.2.3. |
| 15(4) | Art. 2.2.4. |
| 15(5) | Art. 5.4.2. and 5.4.3. |
| Division B – Computation of GloBE Income or Loss | |
| 16 | Art. 3.1.1. |
| Subdivision A – Determination of Financial Accounting Income | |
| 17(1)(a) | Art. 3.1.2. and 3.1.3. |
| 17(1)(b) | Art. 3.4.1. and 3.4.3. |
| 17(2) | Art. 3.4.2. |
| 17(3) | Art. 3.4.4. |
| 17(4) | Art. 3.1.2. |
| 17(5) | Commentary to Art. 3.1.2, para. 9 |
| 17(6) | Art. 3.5. |
| Subdivision B – Adjustments in Computing GloBE Income or Loss | |
| 18(1) | Art. 3.2.1.(a) |
| 18(2) | Commentary to Art. 3.1.2, para. 4 |
| 18(3) | Art. 3.2.1.(b); Commentary to Art. 3.2.1.(b), para. 45 (AG Feb. 2023, 3.5.) |
| 18(4) | Art. 3.2.1.(c) |
| 18(5) | Commentary to Art. 3.2.1.(b) and Art. 3.2.1.(c), para. 36 and 54 (AG Feb 2023, 3.4.) |
| 18(6) | Commentary to Art. 3.2.1.(c), para 57.1 to 57.4 (AG Feb 2023, 2.2.) |
| 18(7) | Commentary to Art. 3.2.1.(c), para 57.1 to 57.2 (AG Feb. 2023, 2.9.) |
| 18(8) | Art. 3.2.1.(d) |
| 18(9) | Art. 3.2.1.(f) |
| 18(10) | Art. 3.2.1.(g) |
| 18(11) | Art. 3.2.1.(h) |
| 18(12) | Art. 3.2.1.(i) and Commentary to Art. 3.2.1.(i), para. 85 to 86.1 (AG Feb. 2023, 2.5.) |
| 18(13) | Art. 3.2.3. |
| 18(14) | Art. 3.2.3. |
| 18(15) | Art. 3.2.4. |
| 18(16) | Art. 3.2.7. |
| 18(17) | Art. 3.2.9. |
| 18(18) | Art. 3.2.10. and Commentary to Art. 3.2.10., para. 142 (AG Feb. 2023, 3.3.) |
| 18(19) | Art. 3.2.2. |
| 18(20) | Art. 3.2.5. |
| 18(21) | Art. 3.2.6. |
| 18(22) | Art. 3.2.8. |
| 18(23) | Commentary to Art. 3.2.1., para. 86.1 to 86.7, (AG Feb. 2023, 2.4.) |
| 18(24) | Art. 3.4.5. |
| Subdivision C – International Shipping Net Income or Loss Exclusion | |
| 19(1) | Art. 3.3.1. |
| 19(2) | Art. 3.3. |
| 19(3) | Art. 3.3.2. and 3.3.5. |
| 19(4) | Art. 3.3.2. |
| 19(5) | Art. 3.3.5. |
| 19(6) | Art. 3.3.2. and 3.3.6. |
| 19(7) | Art. 3.3.4. |
| 19(8) | Art. 3.3.3. and 3.3.5. |
| 19(9) | Art. 3.3.3. |
| 19(10) | Art. 3.3.5. |
| 19(11) | Art. 3.3.3. and 3.3.6. |
| Subdivision D – Ultimate Parent Entities subject to Tax Transparency or Deductible Dividend Regimes | |
| 20(1) | Art. 7.1.1. |
| 20(2) | Commentary to Art. 7.1.1, para. 20, and Art. 7.2.1., para. 44 |
| 20(3) | Art. 7.1.2. |
| 20(4) | Art. 7.1.4. |
| 21(1) | Art. 7.2.1. |
| 21(2) | Art. 7.2.2. |
| 21(3) | Art. 7.2.3. |
| 21(4) | Art. 7.2.4. |
| Division C – Computation of Adjusted Covered Taxes | |
| Subdivision A – Adjusted Covered Taxes | |
| 22(1) | Art. 4.1.1. |
| 22(2) | Art. 4.1.2. |
| 22(3) | Art. 4.1.3. |
| 22(4) | Art. 7.1.3. and 7.2.2. |
| 22(5) | Art. 4.1.4. |
| 23(1) | Art. 4.2.1. |
| 23(2) | Art. 4.2.2. |
| Subdivision B – Allocation of Covered Taxes | |
| 24(1) | Art. 4.3.2.(a) |
| 24(2)(a) | Commentary to Art. 4.3.4., para. 66 |
| 24(2)(b) | Art. 4.3.4. |
| 24(3) | Art. 4.3.2.(b) |
| 24(4)(a) | Art. 4.3.2.(c) |
| 24(4)(b) | Commentary to Art. 4.3.2.(c), para. 58.1 to 58.7 (AG Feb. 2023, 2.10.) |
| 24(4)(c) | Art. 4.3.3. |
| 24(5)(a) | Art. 4.3.2.(d) |
| 24(5)(b) | Art. 4.3.3. |
| 24(6) | Art. 4.3.2.(e) |
| Subdivision C – Total Deferred Tax Adjustment Amount | |
| 25(1) | Art. 4.4.1. |
| 25(1), variable A | Art. 4.4.1. |
| 25(1), variable B | Art. 4.4.2.(a) and (b) |
| 25(1), variable C | Art. 4.4.2.(c) and 4.4.3. |
| 25(2) | Art. 4.4.2. |
| 25(3) | Commentary to Art. 4.4.1.(e), para. 82.1, 82.2 and 82.4 (AG Feb. 2023, 2.8.) |
| 25(4) | Commentary to Art. 4.4.1.(e), para. 82.3 and 82.4 (AG Feb. 2023, 2.8.) |
| 25(5) | Art. 4.4.3. |
| 25(6) | Art. 4.4.4. |
| Subdivision D – GloBE Loss Election | |
| 26 | Art. 4.5. |
| 26(a) | Art. 4.5.4. |
| 26(b) | Art. 4.5.1. |
| 26(c) | Art. 4.5.2. and 4.5.3. |
| 26(d) | Art. 4.5.6. |
| Subdivision E – Post-Filing Adjustments and Tax Rate Changes | |
| 27(1) | Art. 4.6.1. |
| 27(2) | Art. 4.6.2. |
| 27(3) | Art. 4.6.3. |
| 27(4) | Art. 4.6.4. |
| Subdivision F – Qualified Flow-Through Tax Benefits | |
| 28 | Commentary to Art. 3.2.1.(c), para. 57.4 to 57.8 (AG Feb. 2023, 2.9.) |
| Division D – Computation of Effective Tax Rate and Top-Up Amount | |
| Subdivision A – Effective Tax Rate | |
| 29(1) | Art. 5.1.1. |
| 29(2) | Art. 5.1.2. |
| 29(3) | Art. 5.1.1. |
| 29(4) | Commentary to Art. 5.2.1., para. 15.1 to 15.5 (AG Feb. 2023, 2.7.); Commentary to Art. 4.1.5., para. 21.1 to 21.8 (AG Feb. 2023, 2.7.) |
| Subdivision B – Top-up Amount of a Standard Constituent Entity | |
| 30(1) | Art. 5.2.4. |
| 30(2) | Art. 5.2.3. |
| 30(3) | Art. 5.2.1. |
| 30(4) | Art. 5.2.2. |
| 30(5) | Art. 5.2.5. |
| 31(1) | Art. 5.4.1.; Art. 10.1. "Additional Current Top-up Tax" |
| 31(2) | Art. 5.4.3.; Art. 10.1. "Additional Current Top-up Tax" |
| 31(3) | Art. 5.4.3. |
| 31(4) | Art. 4.1.5. |
| 31(5) | Commentary to Art. 4.1.5., para. 21.1 to 21.8 (AG Feb. 2023, 2.7.) |
| Subdivision C – Substance-based Income Exclusion | |
| 32(1) | Art. 5.3.2.; Commentary to Art. 5.3.1., para. 29.1 (AG July 2023) |
| 32(2) | Art. 5.3.3.; Art. 10.1. "Eligible Payroll Costs" |
| 32(3) | Art. 5.3.3. |
| 32(4) | Commentary to Art. 5.3.3., para. 33 and 33.1 (AG July 2023) |
| 32(5) | Art. 5.3.7. |
| 32(6) | Commentary to Art. 5.3.3., para. 36.1 (AG July 2023) |
| 32(7) | Art. 10.1. "Eligible Employee" |
| 32(8) | Art. 5.3.4. |
| 32(9) | Art. 5.3.6. |
| 32(10) | Art. 5.3.7. |
| 32(11) | Commentary to Art. 5.3.4., para. 48.1 (AG July 2023) |
| 32(12) | Art. 5.3.4. and Commentary to Art. 5.3.4., para. 43 to 43.1.7. (AG July 2023) |
| 32(13) | Art. 5.3.4. and 5.3.5.; Commentary to Art. 5.3.3., para. 38 and 38.1 (AG July 2023); Commentary to Art. 5.3.5., para. 50.1. (AG July 2023); Commentary to Art. 5.3.4., para. 43 to 43.1.7. (AG July 2023) |
| 32(14) | Art. 5.3.1. |
| Subdivision D – De Minimis Jurisdiction Exclusion | |
| 33(1) | Art. 5.5.1., 5.5.2. and 5.5.4. |
| 33(2) | Art. 5.5.3. |
| 33(3) | Art. 5.5.3. |
| 33(4) | Art. 5.5.3. |
| Subdivision E – Top-up Amount of a Minority-owned Constituent Entity | |
| 34(1) | Art. 5.6.1. |
| 34(2) | Art. 5.6.1. |
| 34(3) | Art. 5.6.1. |
| Subdivision F – Top-up Amount of a Joint Venture Entity | |
| 35(1) | Art. 6.4.1.(a) |
| 35(2) | Art. 6.4.1.(b) |
| 35(3) | Art. 6.4.1.(b) |
| Subdivision G – Top-up Amount of an Investment Entity | |
| 36(1) | Art. 7.4.1., 7.4.3. and 7.4.4. |
| 36(2) | Art. 7.4.2., 7.4.5. and 7.4.6. |
| 36(3) | Art. 7.4.2., 7.4.5. and 7.4.6. |
| Subdivision H – Eligible Distribution Tax Systems | |
| 37(1) | Art. 7.3.1., 7.3.3. and 7.3.6. |
| 37(2) | Art. 7.3.2. |
| 37(3) | Art. 7.3.4. |
| 37(4) | Art. 7.3.5. |
| 37(5) | Art. 7.3.7. |
| 37(6) | Art. 7.3.8. |
| Division E – Reorganizations and Asset Transfers | |
| 38(1) | Art. 6.2.1. |
| 38(2) | Art. 6.2.2. |
| 39(1) | Art. 6.3.1. |
| 39(2) | Art. 6.3.2. and 6.3.3. |
| 39(3) | Art. 6.3.4. |
| Division F – Multi-parented MNE Groups | |
| 40(1) | Art. 6.5.1. |
| 40(2) | Art. 6.5.1.(b) |
| Division G – Elections in relation to Investment Entities | |
| Subdivision A – Tax Transparency Election | |
| 41(1) | Art. 7.5.1.; Commentary to Art. 7.5., para. 91 and 91.1 (AG Feb. 2023, 3.6.) |
| 41(2) | Art. 7.5.1. |
| 41(3) | Art. 7.5.2. |
| Subdivision B – Taxable Distribution Method Election | |
| 42(1) | Art. 7.6.2., 7.6.5.(d) and 7.6.6, and Commentary to Art. 7.6., para 99 (AG Feb. 2023, 3.1.) |
| 42(2) | Art. 7.6.3. and 7.6.4. |
| 42(3) | Art. 7.6.1. |
| 42(4) | Art. 7.6.5.(a) and (b) |
| 42(5) | Art. 7.6.5.(c) |
| Division H – Safe Harbours and Simplifications | |
| Subdivision A – Permanent Safe Harbours | |
| 43 | Art. 8.2.; Art. 10.1. "GloBE Safe Harbour"; Chapter 5 of AG July 2023 |
| Subdivision B – Transitional Safe Harbours | |
| 44 | Art. 8.2.; Art. 10.1. "GloBE Safe Harbour"; Chapter 1 of Safe Harbours and Penalty Relief Dec. 2022 |
| Subdivision C – Simplifications | |
| 45 | Chapter 2 of Safe Harbours and Penalty Relief Dec. 2022 |
| Division I – Transition Rules | |
| Subdivision A – Tax Attributes on Transition | |
| 46(1) | Art. 9.1.1. |
| 46(2) | Art. 9.1.2. |
| 46(3) | Art. 9.1.1. |
| 46(4) | Art. 9.1.3. |
| 46(5) | Art. 9.1.3.; Commentary to Art. 9.1.3., para. 10.8 and 10.9 (AG Feb. 2023, 4.3.) |
| 46(6) | Commentary to Art. 9.1.3., para. 10.3 to 10.7 (AG Feb. 2023, 4.3.) |
| 46(7) | Commentary to Art. 9.1.3., para. 10.4 (AG Feb. 2023, 4.3.) |
| 46(8) | Commentary to Art. 9.1.3., para. 10.8 (AG Feb. 2023, 4.3.) |
| 46(9) | Commentary to Art. 9.1.3., para. 10.10 (AG Feb. 2023, 4.3.) |
| Subdivision B – Transitional Rates for the Substance-based Income Exclusion | |
| 47(1) | Art. 9.2. |
| 47(2) | Art. 9.2. |
| Part IV – Domestic Minimum Top-up Tax | |
| 48 | Commentary to Art. 10.1., para. 118.1 to 118.53 (AG Feb. 2023, 5.1.); Chapters 4 and 5 of AG July 2023 |
| 49 | Commentary to Art. 10.1., para. 118.9 and 118.13 (AG Feb. 2023, 5.1.), and para. 118.10 to 118.12 (AG July 2023) |
| 50(1) | Commentary to Art. 10.1., para. 118.33 to 118.39 (AG Feb. 2023, 5.1), and para. 118.30 and 118.33.1 (AG July 2023) |
| 50(2) | Commentary to Art. 10.1., para. 118.7 and 118.8 (AG Feb. 2023, 5.1), and para. 118.8 (AG July 2023) |
| 51(1) | |
| "initial phase of international activity year" | Art. 9.3.2. |
| "net book value" | Art. 10.1. "Net Book Value of Tangible Assets" |
| "reference jurisdiction" | Art. 9.3.3. |
| 51(2) | Art. 10.1. "Tangible Assets" |
| 51(3) | Commentary to Art. 10.1., para. 118.51 (AG July 2023) |
| Part VI – General Provisions, Administration and Enforcement | |
| 53(1) | |
| "designated filing entity" | Art. 10.1. |
| "designated local entity" | Art. 10.1. |
| "qualifying competent authority agreement" | Art. 10.1. |
| 59(1) | Art. 8.1.1. and 8.1.2. |
| 59(2) | Art. 8.1.1. |
| 59(3) | Art. 8.1.3. |
| 59(4) | Art. 8.1.4., 8.1.5., 8.1.7. and GloBE Information Return July 2023 |
| 65 | Commentary to Art. 10.1., para. 118.12 (AG July 2023) |
| 97(1) | Art. 8.1.8. |
| 97(2) | Chapter 3 of Safe Harbours and Penalty Relief Dec. 2022 |
| 121 | Art. 8.1.8. |
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