Taxation (Multinational - Global and Domestic Minimum Tax) Rules 2024

CHAPTER 8 - ADMINISTRATION  

PART 8-2 - SAFE HARBOURS  

Division 2 - Transitional CbCR Safe Harbour  

Subdivision F - Special rules for particular circumstances  

SECTION 8-80   TRANSITIONAL CbCR SAFE HARBOUR - SPECIAL RULE FOR JOINT VENTURES  

8-80(1)    
This section applies if there is a separate MNE Group mentioned in subsection 6-75(2) (Joint Ventures).

8-80(2)    
For the purposes of section 8-10 , in computing:

(a)    the Profit (Loss) before Income Tax of the separate MNE Group; and

(b)    the Total Revenue of the separate MNE Group;

treat a reference in Subdivision B (other than section 8-35 ) to a Qualified CbC Report in relation to the jurisdiction as being a reference to Qualified Financial Statements.

8-80(3)    
For the purposes of this Division, treat the separate financial accounts of the Joint Venture of the separate MNE Group, or of a JV Subsidiary of the Joint Venture, as meeting the condition in subparagraph 8-70(1)(c)(i) (definition of Qualified Financial Statements ) if, on the assumption that the separate MNE Group filed a Country-by-Country Report in accordance with the following, the financial accounts would have been used for preparation of that Country-by-Country Report:

(a)     Transfer Pricing Documentation and Country-by-Country Reporting, Action 13 - 2015 Final Report of the OECD/G20 Base Erosion and Profit Shifting Project;

(b)     Guidance on the Implementation of Country-by-Country Reporting: BEPS Action 13 (Updated May 2024) of the OECD.

Note:

Under paragraph 8-70(1)(c) , if a Constituent Entity is not included in the MNE Group ' s Consolidated Financial Statements on a line-by-line basis, and this is solely due to size or materiality grounds, its separate financial accounts are part of the MNE Group ' s Qualified Financial Statements if it meets the condition in subparagraph 8-70(1)(c)(i) .