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OE 2: Branch equivalent tax accounts of companies
or “Companies no longer need special tax accounts for overseas income”
You could also call this:

“ Old rule about choosing to become a BETA company no longer applies ”

The law used to have a section called ‘Choosing to become BETA company’. This section was part of the Income Tax Act 2007. However, this part of the law no longer exists. It was removed on 1 July 2012. This means that since that date, the rules about choosing to become a BETA company are no longer in effect. If you want to know more about why this change happened or what rules apply now, you might need to look at other parts of the tax law.

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Next up: OE 4: When company stops being BETA company

or “When a company is no longer classified as a BETA company”
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Part O Memorandum accounts
Branch equivalent tax accounts (BETA): Introductory provisions

OE 3Choosing to become BETA company (Repealed)

    Notes
    • Section OE 3: repealed, on (applying for income years beginning on or after that date), by section 101(2) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).