8‑80 Transitional CbCR Safe Harbour—spec8‑80 Transitional CbCR Safe Harbour—special rule for Joint Ventures

8‑80 Transitional CbCR Safe Harbour—special rule for Joint Ventures

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