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 of an entity, a set of generally acceptable accounting principles permitted by an authorised accounting body in the jurisdiction where that entity is located, where that authorised accounting body has legal authority in that jurisdiction to prescribe, establish or accept accounting standards for financial reporting purposes;

'consolidated financial statements' means -