94. Implementation of Council Directive (EU) 2022/2523 of 15 December 2022 on ensuring a global minimum level of taxation for multinational enterprise groups and large-scale domestic groups in the Union

The Principal Act is amended by the insertion of the following Part after section 111:

"Part 4A Implementation of Council Directive (EU) 2022/2523 of 15 December 2022 on ensuring a global minimum level of taxation for multinational enterprise groups and large-scale domestic groups in the Union

Chapter 1 Interpretation and general (Part 4A)

111A. Interpretation (Part 4A)

(1) In this Part -

'acceptable financial accounting standard' means International Financial Reporting Standards and the generally accepted accounting principles of Australia, Brazil, Canada, a Member State, an EEA state, Hong-Kong (China), Japan, Mexico, New-Zealand, the People's Republic of China, the Republic of India, the Republic of Korea, Russia, Singapore, Switzerland, the United Kingdom and the United States of America;

'the Acts' means the Tax Acts and the Capital Gains Tax Acts;

'adjusted covered taxes' has the meaning assigned to it in section 111U;

'authorised financial accounting standard' means, in respect

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