Singapore legislation
Regulation 74
Regulation 74
Basis for determining whether de minimis test, etc., met
Subregulation 1
Subject to any adjustment required under regulations 75 and 76, the basis for the purpose of determining whether the de minimis test, the simplified effective tax rate test or the routine profits test is met is information derived from one of the documents mentioned in paragraph (2) of the MNE group as to —
revenue;
profit or loss before income tax;
simplified income tax expense;
payroll costs; or
the carrying value of assets.
Subregulation 2
The document is whichever of the following was used to prepare the qualifying country‑by‑country report in relation to the jurisdiction:
qualified financial statements falling within regulation 68(1)(a), along with any financial accounts and financial statements treated as forming part of the qualified financial statements under regulation 68(3) and (4);
qualified financial statements falling within regulation 68(1)(b), along with any financial accounts and financial statements treated as forming part of the qualified financial statements under regulation 68(3) and (4).
Subregulation 3
The information as to the matters in paragraph (1)(a) to (e) for the purpose of determining whether a particular test is met must be derived from a single set of documents in paragraph (2).
Subregulation 4
Where the information described in paragraph (1) in respect of a jurisdiction is not available in qualified financial statements of an MNE group, no election may be made in respect of that jurisdiction.