Singapore legislation

Regulation 58

of Multinational Enterprise (Minimum Tax) Regulations 2024

Regulation 58

Purpose and application of this Part

Subregulation 1

This Part sets out the adjustments that must be made —

(a)

for the purpose of determining the GloBE income or loss of a constituent entity of an MNE group for a financial year;

(b)

for the purpose of arriving at the adjusted covered taxes of a constituent entity of an MNE group for a financial year; and

(c)

to the substance-based income exclusion for a constituent entity of an MNE group for a financial year, for the purpose of arriving at its top-up amount for that financial year,where the constituent entity —

(d)

joins or leaves the MNE group; or

(e)

transfers or acquires any asset or liability.

Subregulation 2

This Part applies to a standalone JV or an entity of a JV group with the following modifications:

(a)

references to an MNE group are to the standalone JV or the JV group of which the entity is or was a part;

(b)

references to the ultimate parent entity of an MNE group are to the standalone JV or the joint venture of the JV group;

(c)

references to a constituent entity are to the standalone JV or the entity.

Read in full context — Multinational Enterprise (Minimum Tax) Regulations 2024 →