§ 40 — GloBE information return

40.—(1) Subject to subsection (2), the designated local GIR filing entity of a registered MNE group to which this Act applies for a financial year must file by the due date with the Comptroller, in the form and manner determined by the Comptroller, a GloBE information return.(2) A designated local GIR filing entity of a registered MNE group need not comply with subsection (1) if a GloBE information return for that financial year, containing such information as may be prescribed by the regulations, has been filed by the due date in subsection (4) by a filing entity with a competent authority in a jurisdiction outside Singapore pursuant to a qualifying competent authority agreement.

(3) Where subsection (2) applies, the designated local GIR filing entity must by the due date give to the Comptroller, in the form and manner determined by the Comptroller, a notice of the particulars of the filing entity and the jurisdiction where it is located.

(4) For the purpose of subsections (1), (2) and (3), the due date is —(a)

if the financial year is the transition year of the MNE group — the last day of the period of 18 months after the end of that transition year; or

(b)

if the financial year is any financial year after the transition year of the MNE group — the last day of the period of 15 months after the end of that financial year.

(5) Despite anything in this Act, any election made by a designated local GIR filing entity of an MNE group for a financial year under section 9(5), 18(9), 19(4), 20(1), 21(2) or 24(14) or (17) or paragraph 5(1) of the First Schedule, or under the regulations, that is inconsistent with an election made for the MNE group in another jurisdiction as disclosed in the GloBE information return filed under subsection (1) or (2), is void.

—(1) Subject to subsection (2), the designated local GIR filing entity of a registered MNE group to which this Act applies for a financial year must file by the due date with the Comptroller, in the form and manner determined by the Comptroller, a GloBE information return.

(2) A designated local GIR filing entity of a registered MNE group need not comply with subsection (1) if a GloBE information return for that financial year, containing such information as may be prescribed by the regulations, has been filed by the due date in subsection (4) by a filing entity with a competent authority in a jurisdiction outside Singapore pursuant to a qualifying competent authority agreement.

(3) Where subsection (2) applies, the designated local GIR filing entity must by the due date give to the Comptroller, in the form and manner determined by the Comptroller, a notice of the particulars of the filing entity and the jurisdiction where it is located.

(4) For the purpose of subsections (1), (2) and (3), the due date is —(a)

if the financial year is the transition year of the MNE group — the last day of the period of 18 months after the end of that transition year; or

(b)

if the financial year is any financial year after the transition year of the MNE group — the last day of the period of 15 months after the end of that financial year.

(5) Despite anything in this Act, any election made by a designated local GIR filing entity of an MNE group for a financial year under section 9(5), 18(9), 19(4), 20(1), 21(2) or 24(14) or (17) or paragraph 5(1) of the First Schedule, or under the regulations, that is inconsistent with an election made for the MNE group in another jurisdiction as disclosed in the GloBE information return filed under subsection (1) or (2), is void.