Singapore legislation
Regulation 69
Regulation 69
Constituent entities eligible for Transitional CbCR Safe Harbour
Subregulation 1
Subject to paragraphs (2) and (3), every constituent entity of an MNE group located in a jurisdiction is eligible for a GloBE Safe Harbour in this Division (called the Transitional CbCR Safe Harbour) for a financial year if the conditions in regulation 70 are met.
Subregulation 2
An investment entity or insurance investment entity (X) of the MNE group located in a jurisdiction is eligible for the Transitional CbCR Safe Harbour for a financial year only if —
all the constituent entities of the MNE group with direct ownership interests in X are located in that jurisdiction; and
no election has been made in respect of X under regulation 63 or 64 for that financial year.
Subregulation 3
A constituent entity of the MNE group located in the same jurisdiction as the ultimate parent entity (Y) of the MNE group that is a flow-through entity, is not eligible for the Transitional CbCR Safe Harbour for a financial year unless, were Y’s GloBE income or loss determined for that financial year in accordance with paragraph 6 of the First Schedule to the Act —
Y’s GloBE income or loss would be nil as a result of the application of paragraph 6(12) of the First Schedule to the Act; and
no amount of FANIL of any permanent establishment would be allocated, as a result of regulation 27, to Y.