Singapore legislation
Clause 20
Clause 20
GloBE Safe Harbours
(1)
This section applies if —
specified entities of an MNE group located in a jurisdiction are, in accordance with the regulations for applying a GloBE Safe Harbour, eligible for the GloBE Safe Harbour for a financial year; and
the filing entity of the MNE group elects in a GloBE information return (whether filed in Singapore or another jurisdiction) to apply that GloBE Safe Harbour for that jurisdiction for those entities for that financial year.
(2)
If subsection (1) applies, then, despite anything in this Part, the top‑up amounts (or such parts thereof specified under the regulations) for that financial year of those entities are treated as nil.
(3)
An election is not effective for the purpose of subsection (1)(b) unless it is made —
in accordance with the GloBE rules and the regulations; and
by the due date for the filing of the GloBE information return for that financial year.
(4)
An election is not effective for the purpose of subsection (1)(b) —
if made after the due date in subsection (3)(b), even if the filing entity only becomes aware of its eligibility to make an election after that date; or
if made under such circumstances as the regulations made for the purposes of this section may prescribe.