§ 38 — Cancellation or suspension of registration

38.—(1) Where the ultimate parent entity of a registered MNE group (being one registered on the basis that it was an MNE group to which this Act applies for an earlier financial year) satisfies the Comptroller that the MNE group is not one to which this Act applies for a later financial year (called financial year X), the Comptroller must, at the option of the ultimate parent entity —(a)

cancel its registration on the date on which the request is made or such earlier or later date as may be determined by the Comptroller; or

(b)

suspend its registration for the financial year or years specified by the ultimate parent entity.

(2) Where the ultimate parent entity of a registered MNE group, being one registered on the ground that it was an MNE group to which this Act applies for a financial year (also called financial year X), satisfies the Comptroller that the MNE group is in fact not one to which this Act applies for that financial year, then the Comptroller must cancel its registration, and the MNE group is treated as never having been a registered MNE group.

(3) However, if, in a case in subsection (2), the Comptroller is satisfied that the MNE group is one to which this Act applies for a later financial year, the Comptroller may, instead of cancelling its registration, change the financial year for which it is first registered to that later financial year, and this Act applies accordingly in relation to that MNE group.

(4) The application for cancellation or suspension of registration must be —(a)

made in the form and manner specified by the Comptroller;

(b)

supported by the documents required by the Comptroller; and

(c)

made within the period in subsection (5) or by such later date as the Comptroller may permit in a particular case.

(5) The period is —(a)

in the case of a registration under section 31 — 6 months after the end of financial year X; or

(b)

in the case of a registration under section 32 — one month after the date of the notice of deemed registration issued under that section.

(6) Despite subsection (1), the Comptroller may refuse to cancel or suspend the registration of a registered MNE group if the Comptroller has reasonable grounds to believe that this is necessary for the protection of revenue.

—(1) Where the ultimate parent entity of a registered MNE group (being one registered on the basis that it was an MNE group to which this Act applies for an earlier financial year) satisfies the Comptroller that the MNE group is not one to which this Act applies for a later financial year (called financial year X), the Comptroller must, at the option of the ultimate parent entity —(a)

cancel its registration on the date on which the request is made or such earlier or later date as may be determined by the Comptroller; or

(b)

suspend its registration for the financial year or years specified by the ultimate parent entity.

(2) Where the ultimate parent entity of a registered MNE group, being one registered on the ground that it was an MNE group to which this Act applies for a financial year (also called financial year X), satisfies the Comptroller that the MNE group is in fact not one to which this Act applies for that financial year, then the Comptroller must cancel its registration, and the MNE group is treated as never having been a registered MNE group.

(3) However, if, in a case in subsection (2), the Comptroller is satisfied that the MNE group is one to which this Act applies for a later financial year, the Comptroller may, instead of cancelling its registration, change the financial year for which it is first registered to that later financial year, and this Act applies accordingly in relation to that MNE group.

(4) The application for cancellation or suspension of registration must be —(a)

made in the form and manner specified by the Comptroller;

(b)

supported by the documents required by the Comptroller; and

(c)

made within the period in subsection (5) or by such later date as the Comptroller may permit in a particular case.

(5) The period is —(a)

in the case of a registration under section 31 — 6 months after the end of financial year X; or

(b)

in the case of a registration under section 32 — one month after the date of the notice of deemed registration issued under that section.

(6) Despite subsection (1), the Comptroller may refuse to cancel or suspend the registration of a registered MNE group if the Comptroller has reasonable grounds to believe that this is necessary for the protection of revenue.