Singapore legislation
Clause 8
Clause 8
MNE group to which this Act applies
(1)
This Act applies to an MNE group for a financial year beginning on or after 1 January 2025 if its consolidated group revenue (determined by reference to the consolidated financial statements of its ultimate parent entity) for at least 2 financial years out of the 4 financial years immediately before that financial year, is equal to or exceeds the threshold in subsection (2).
(2)
The threshold for a financial year is the amount computed by the formula where —
A is EUR 750 million or its equivalent in other currency as determined under the regulations; and
B is the number of months in the financial year.
(3)
The Minister may make regulations under section 84 —
to prescribe adjustments to be made to the consolidated group revenue of an MNE group for any financial year for the purpose of subsection (1) in the event of any prescribed change to the composition of the MNE group; and
to provide for what is to be included or excluded in the computation of the consolidated group revenue of an MNE group under subsection (1), and how such consolidated group revenue is to be determined.