Singapore legislation
Regulation 17
Regulation 17
Exclusion of expenses for illegal payments, fines and penalties
Subregulation 1
Where the FANIL of a constituent entity of an MNE group for a financial year reflects —
expenses incurred for illegal payments; or
expenses incurred for fines or penalties of EUR 50,000 or more,the FANIL must be adjusted to exclude those expenses.
Subregulation 2
In paragraph (1)(a), a payment is illegal if the making of that payment is, or forms part of conduct which is, an offence under the law of —
the jurisdiction where the constituent entity is located; or
the jurisdiction where the ultimate parent entity is located.
Subregulation 3
In paragraph (1)(b), where more than one fine or penalty is accrued in respect of the same conduct, or for continuing conduct, those fines or penalties must be aggregated.