Document ID: chunk:federal_register_of_legislation:C2024A00132:section:36
Version: federal_register_of_legislation:C2024A00132
Segment Type: section
Provision Reference: s 36
Character Range: 41939–43345

36  Five‑Year Elections
 (1) This section applies if a provision of this Act permits a Filing Constituent Entity for an Applicable MNE Group to make a Five‑Year Election.
 (2) Unless the election is revoked, it applies to:
 (a) the Fiscal Year for which the GloBE Information Return for the Applicable MNE Group that records or evidences the election is filed by the Filing Constituent Entity; and
 (b) each subsequent Fiscal Year.
 (3) Unless the provision mentioned in subsection (1) otherwise provides, a Filing Constituent Entity for the MNE Group may revoke the election.
 (4) If the Filing Constituent Entity revokes the election, the election does not apply to:
 (a) the Fiscal Year for which the GloBE Information Return for the Applicable MNE Group that records or evidences the revocation is filed by the Filing Constituent Entity; and
 (b) each subsequent Fiscal Year.
 (5) However, the Filing Constituent Entity cannot revoke the election if doing so would result in the election not applying to:
 (a) the Fiscal Year mentioned in paragraph (2)(a); or
 (b) any of the subsequent 4 Fiscal Years.
 (6) If the Filing Constituent Entity revokes the election, a Filing Constituent Entity for the MNE Group cannot make another election under the provision mentioned in subsection (1) that applies to:
 (a) the Fiscal Year mentioned in paragraph (4)(a); or
 (b) any of the subsequent 4 Fiscal Years.