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Functionality

Global Minimum Tax (GMT)

The system can automatically calculate and post the Global Minimum Tax (GMT) amount using the GMT Automation system class. The GMT calculated result posts as a Tax Adjustment to the Responsible Parent Unit. The subclass is the name of the Constituent Unit.

Enable Global Minimum Tax Automation

To enable GMT automation for a source unit:
  1. Log in to ONESOURCE Tax Provision.
  2. The MyDatasets for Review screen is the default landing page.
  3. For the dataset you want to work with, select the unit in the Units field.
  4. You are taken to the Manage Units screen.
  5. In the Actions column, click the MORE dropdown and select Other
  6. In the Global Minimum Tax (GMT) section, checkmark Enable GMT Automation and select YES.
  8. Input fields appear on the right.
  10. Enter your input fields:
    1. GMT Responsible Parent (Target Unit): This is the unit where the calculated Global Minimum Tax will post. This field automatically populates with the Group Rate Unit data that is chosen when the Dataset was created or edited.
    2. GMT Global Minimum Tax Rate: This field automatically populates with the current Global Minimum Tax rate. This rate can be overridden if needed.
    3. Enter data in the following fields. Amounts entered in these fields will be used by the system to calculate the Global Minimum Tax.
      1. Other GloBE Income Adjustments
      2. Covered Taxes Adjustment
      3. Substance Based Income Exclusion Adjustment
      4. Qualified Domestic Minimum Top Up Tax
      5. Target Adjustment Type: Tax Adj
      6. Target Adjustment to Post to: Select an adjustment from the drop down. This is the adjustment used to post the system calculated Global Minimum Tax in the Responsible Parent Unit.

This article applies to:

  • PRODUCT: ONESOURCE Tax Provision