9‑40 Total UTPR Top‑up Tax Amount reduce9‑40 Total UTPR Top‑up Tax Amount reduced to zero

9‑40 Total UTPR Top‑up Tax Amount reduced to zero

(1) The Total UTPR Top‑up Tax Amount for an MNE Group for a Fiscal Year covered by subsection (2) is taken to be zero if: (a) the Constituent Entities of the MNE Group are located in no more than 6 jurisdictions for the Fiscal Year; and (b) the sum of the Net Book Value of Tangible Assets for the Fiscal Year of each Constituent Entity of the MNE Group located in a jurisdiction other than the Reference Jurisdiction of the MNE Group does not exceed 50 million Euros. (2) This subsection covers a Fiscal Year if: (a) it starts on or after the first day of the first Fiscal Year for which the MNE Group is an Applicable MNE Group; and (b) it starts on or after 1 January 2024. (3) For the purposes of subsection (1), disregard a Constituent Entity of the MNE Group that is an Investment Entity or an Insurance Investment Entity. (4) For the purposes of paragraph (1)(b), in relation to a tangible asset of a Stateless Constituent Entity of the MNE Group: (a) if the tangible asset is physically located in the Reference Jurisdiction throughout the Fiscal Year—treat it as a tangible asset of a Constituent Entity of the MNE Group located in the Reference Jurisdiction; or (b) otherwise—treat it as a tangible asset of a Constituent Entity of the MNE Group located in a jurisdiction other than the Reference Jurisdiction.