Singapore legislation
Regulation 77
Regulation 77
Application of this Division to joint ventures and JV subsidiaries
Subregulation 1
This Division applies to joint ventures and JV subsidiaries connected to an MNE group and located in a jurisdiction as it applies to constituent entities of an MNE group located in a jurisdiction.
Subregulation 2
For the purpose of paragraph (1) —
sub-paragraph (b) of regulation 70(1) is omitted;
the reference in regulation 68(3) to “the financial accounts of that constituent entity that are used for the preparation of the MNE group’s qualifying country‑by‑country report” are to the financial accounts that would be used if a qualifying country‑by‑country report had been prepared in respect of the standalone JV, or the JV group of which the joint venture or JV subsidiary is a part, as the case may be;
the “qualified substance-based income exclusion amount” of an MNE group for a jurisdiction for a financial year in regulation 73(1) is the substance-based income exclusion determined for the joint ventures or JV subsidiaries located in the jurisdiction for the financial year in accordance with section 18 (as applied by section 25); and
separate elections under regulation 70(1)(c) must be made for applying the Transitional CbCR Safe Harbour for that jurisdiction for each standalone JV, or entities of each JV group, from the election made for constituent entities of the MNE group.