Timing and quantifying rules - Terminating provisions - Definitions
EZ 32C: Treatment in section EX 20C of currency effects on CFC's borrowing
You could also call this:
“Old rule about currency effects on foreign company borrowing no longer applies”
This part of the law was about how to handle the effects of currency changes on a controlled foreign company’s borrowing. However, it’s important to know that this section is no longer in use. The government removed it on 2 November 2012, and it hasn’t been part of the law since 1 July 2009. This means you don’t need to worry about following this rule anymore when dealing with taxes for controlled foreign companies.
EZ 32D: Value of asset fraction: CFC with excessive debt funding and loan entered before 21 June 2012, or
“Calculating income for CFCs with pre-2012 excessive debt funding”
Part E
Timing and quantifying rules
Terminating provisions:
Definitions
EZ 32CTreatment in section EX 20C of currency effects on CFC's borrowing (Repealed)
Notes
Section EZ 32C: repealed (with effect on 30 June 2009), on (applying for income years beginning on or after 1 July 2009), by section 63(1) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88).
