8‑7 Exemptions—designated services provi8‑7 Exemptions—designated services provided at or through foreign permanent establishments

8‑7 Exemptions—designated services provided at or through foreign permanent establishments

(1) This section is made for the purposes of paragraph 67(1)(a) of the Act. Designated services provided at or through foreign permanent establishments (2) Part 5 of the Act does not apply to a designated service if: (a) the service is covered by item 29, 30 or 31 of table 1 in section 6 of the Act; and (b) the service relates to a transfer of money or property (but not a virtual asset); and (c) the service is provided at or through a permanent establishment in a foreign country; and (d) the service is provided in accordance with a law of the foreign country that give effect to the FATF Recommendations that apply in the place where the permanent establishment is located; and (e) either: (i) the value to be transferred is in a foreign country that is a Member State of the European Economic Area and, as a result of the provision of the service, the value will be in a foreign country that is a Member State of the European Economic Area; or (ii) in any other case—the value to be transferred is in a foreign country and, as a result of the provision of the service, the value will be in that foreign country.