Section 20 — GloBE Safe Harbours

(1)This section applies if —

(a)specified entities of an MNE group located in a jurisdiction are, in accordance with the regulations for applying a GloBE Safe Harbour, eligible for the GloBE Safe Harbour for a financial year; and

(b)the filing entity of the MNE group elects in a GloBE information return (whether filed in Singapore or another jurisdiction) to apply that GloBE Safe Harbour for that jurisdiction for those entities for that financial year.

(2)If subsection (1) applies, then, despite anything in this Part, the top‑up amounts (or such parts thereof specified under the regulations) for that financial year of those entities are treated as nil.

(3)An election under subsection (1)(b) must be made in accordance with the GloBE rules and the regulations.[Act 25 of 2025 wef 01/01/2025]

(4)An election is not effective for the purpose of subsection (1)(b) if made under such circumstances as the regulations made for the purposes of this section may prescribe.[Act 25 of 2025 wef 01/01/2025]