Clause 58

by inserting, immediately after subsection (1), the following subsection:“(1A) The Minister may also make regulations to enable the Comptroller to obtain a country‑by‑country report or its equivalent in a case where the Comptroller is unable to obtain the report or its equivalent from the tax authority of a country in accordance with the Action 13 Report because —

the Government does not have a CbCR exchange agreement with the government of that country; or

the Government has a CbCR exchange agreement with the government of that country, but the Minister is of the opinion that the agreement is not operating effectively.”;

by inserting, immediately after paragraph (b) of subsection (2), the following paragraph:“(ba)where the international tax compliance agreement in question is a CbCR exchange agreement, or the regulation is for the purpose in subsection (1A), enable the Comptroller —

after taking into account prescribed factors, to give written notice to a prescribed person that the person need not comply with section 105L or any other obligation of a prescribed person under the regulations; and

if the Comptroller considers appropriate after taking into account those factors, to give written notice to one or more other persons to discharge those obligations in place of the prescribed person mentioned in sub‑paragraph (i).”; and

by inserting, immediately after the word “agreements” in the section heading, the word “, etc.”.