Schedules

Schedule 16Multinational top-up tax: transitional provision

Part 1General transitional measures

1Transitional relief for substance-based income exclusion

1

Section 195(4) (payroll carve-out amount) has effect for an accounting period that commences in a year listed in following table as if for “5%” there were substituted the specified percentage for that year—

Year

Specified percentage

2023

10%

2024

9.8%

2025

9.6%

2026

9.4%

2027

9.2%

2028

9.0%

2029

8.2%

2030

7.4%

2031

6.6%

2032

5.8%

2

Section 195(5) (tangible asset carve-out amount) has effect for an accounting period that commences in a year listed in following table as if for “5%” there were substituted the specified percentage for that year—

Year

Specified percentage

2023

8%

2024

7.8%

2025

7.6%

2026

7.4%

2027

7.2%

2028

7.0%

2029

6.6%

2030

6.2%

2031

5.8%

2032

5.4%