Finance (Income Taxes) Bill · cl 42

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In the MMTA, in section 40 —(a)in subsection (2), replace “pursuant to a qualifying competent authority agreement” with “with which the competent authority of Singapore has a qualifying competent authority agreement”;(b)after subsection (4), insert —“(4A) Despite subsections (2) and (3), if the Comptroller does not receive from the competent authority mentioned in subsection (2) the GloBE information return of the registered MNE group within the time set out in the qualifying competent authority agreement, the Comptroller may give a written notice to the designated local GIR filing entity of the registered MNE group requiring it to file with the Comptroller a GloBE information return for that financial year —(a)by the due date specified in the written notice; and(b)in the form and manner determined by the Comptroller,and the designated local GIR filing entity must comply with the requirement.(4B) The due date mentioned in subsection (4A)(a) must be at least one month after the date of the written notice.”; and(c)in subsection (5), replace “subsection (1) or (2)” with “subsection (1), (2) or (4A)”.

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cl 42Amendment of section 40

In the MMTA, in section 40 —

(a)

in subsection (2), replace “pursuant to a qualifying competent authority agreement” with “with which the competent authority of Singapore has a qualifying competent authority agreement”;

(b)

after subsection (4), insert —“(4A) Despite subsections (2) and (3), if the Comptroller does not receive from the competent authority mentioned in subsection (2) the GloBE information return of the registered MNE group within the time set out in the qualifying competent authority agreement, the Comptroller may give a written notice to the designated local GIR filing entity of the registered MNE group requiring it to file with the Comptroller a GloBE information return for that financial year —

(a)

by the due date specified in the written notice; and

(b)

in the form and manner determined by the Comptroller,and the designated local GIR filing entity must comply with the requirement.

(4B)

The due date mentioned in subsection (4A)(a) must be at least one month after the date of the written notice.”; and

(c)

in subsection (5), replace “subsection (1) or (2)” with “subsection (1), (2) or (4A)”.