Article 23 - Treatment of Marketable Transferable Tax Credits and Qualified Refundable Tax Credits

The amount of tax credits available in respect of Qualified Refundable Tax Credits and Marketable Transferable Tax Credits shall be treated as income in the computation of Constituent Entity Income or Loss for the Fiscal Year during which such entitlements first accrue.

Where a Qualified Refundable Tax Credit or Marketable Transferable Tax Credit is related to the acquisition, or construction, of an asset, and the Constituent Entity that has the benefit of the tax credit has an accounting policy of either reducing the carrying value of the asset in respect of such a tax credit, or recognising the tax credit as deferred income over the productive life of that asset, that Constituent Entity may, for the purposes of determining its Constituent Entity Income or Loss for a Fiscal Year, follow that accounting policy.