§ 19 — De minimis exclusion

19.—(1) This section applies in relation to the constituent entities (not being stateless entities, investment entities and insurance investment entities) of an MNE group located in a jurisdiction for a financial year (FY) if —(a)

the average of the following sums is less than EUR 10 million, or its equivalent in other currency as determined under the regulations:(i)

the sum of the adjusted revenues of those constituent entities for FY;

(ii)

the sum of the adjusted revenues of the constituent entities of the MNE group in the preceding financial year (FY‑1), for FY‑1;

(iii)

the sum of the adjusted revenues of the constituent entities of the MNE group in the financial year preceding FY‑1 (FY‑2), for FY‑2; and

(b)

the average of the following sums is less than EUR 1 million, or its equivalent in other currency as determined under the regulations:(i)

the sum of the GloBE income or loss of the constituent entities in paragraph (a)(i) for FY;

(ii)

the sum of the GloBE income or loss of the constituent entities of the MNE group in FY‑1, for FY‑1;

(iii)

the sum of the GloBE income or loss of the constituent entities of the MNE group in FY‑2, for FY‑2.

(2) In subsection (1), if —(a)

none of the constituent entities mentioned in subsection (1)(a)(ii) and (b)(ii); or

(b)

none of the constituent entities mentioned in subsection (1)(a)(iii) and (b)(iii),

had any adjusted revenue or GloBE income or loss for FY‑1 or FY‑2 (as the case may be), that financial year is disregarded in computing the average of the sums in subsection (1)(a) and (b).

(3) For the purposes of subsection (1), if any financial year in that subsection is longer or shorter than a year, then —(a)

the sum of the adjusted revenues; or

(b)

the sum of the GloBE income or loss,

of the constituent entities for that financial year is the amount arrived at by multiplying that sum by the amount given by dividing 365 by the number of days in that financial year.

(4) If subsection (1) applies, and the filing entity of the MNE group so elects in a GloBE information return (whether filed in Singapore or another jurisdiction), the top‑up amounts for that financial year of those constituent entities are deemed to be nil.

(5) An election under subsection (4) must be made in accordance with the GloBE rules.

(6) In this section, “adjusted revenue”, in relation to a constituent entity for a financial year, means the revenue of the constituent entity that is taken into account in its FANIL for the financial year after making the adjustments prescribed by the regulations.

—(1) This section applies in relation to the constituent entities (not being stateless entities, investment entities and insurance investment entities) of an MNE group located in a jurisdiction for a financial year (FY) if —(a)

the average of the following sums is less than EUR 10 million, or its equivalent in other currency as determined under the regulations:(i)

the sum of the adjusted revenues of those constituent entities for FY;

(ii)

the sum of the adjusted revenues of the constituent entities of the MNE group in the preceding financial year (FY‑1), for FY‑1;

(iii)

the sum of the adjusted revenues of the constituent entities of the MNE group in the financial year preceding FY‑1 (FY‑2), for FY‑2; and

(b)

the average of the following sums is less than EUR 1 million, or its equivalent in other currency as determined under the regulations:(i)

the sum of the GloBE income or loss of the constituent entities in paragraph (a)(i) for FY;

(ii)

the sum of the GloBE income or loss of the constituent entities of the MNE group in FY‑1, for FY‑1;

(iii)

the sum of the GloBE income or loss of the constituent entities of the MNE group in FY‑2, for FY‑2.

(2) In subsection (1), if —(a)

none of the constituent entities mentioned in subsection (1)(a)(ii) and (b)(ii); or

(b)

none of the constituent entities mentioned in subsection (1)(a)(iii) and (b)(iii),

had any adjusted revenue or GloBE income or loss for FY‑1 or FY‑2 (as the case may be), that financial year is disregarded in computing the average of the sums in subsection (1)(a) and (b).

(3) For the purposes of subsection (1), if any financial year in that subsection is longer or shorter than a year, then —(a)

the sum of the adjusted revenues; or

(b)

the sum of the GloBE income or loss,

of the constituent entities for that financial year is the amount arrived at by multiplying that sum by the amount given by dividing 365 by the number of days in that financial year.

(4) If subsection (1) applies, and the filing entity of the MNE group so elects in a GloBE information return (whether filed in Singapore or another jurisdiction), the top‑up amounts for that financial year of those constituent entities are deemed to be nil.

(5) An election under subsection (4) must be made in accordance with the GloBE rules.

(6) In this section, “adjusted revenue”, in relation to a constituent entity for a financial year, means the revenue of the constituent entity that is taken into account in its FANIL for the financial year after making the adjustments prescribed by the regulations.