Article 90 - Transitional Country-by-Country Reporting Safe Harbour

For the purposes of applying the provisions of Article 13 of the Law, all of the following shall apply:

1. A Qualified Country-by-Country Report is a Country-by-Country Report prepared and filed using Qualified Financial Statements.

2. Qualified Financial Statements are any of the following:

   1. The accounts used to prepare the Consolidated Financial Statements before any consolidation adjustments eliminating intra-group transactions.

   2. Separate financial statements of each Constituent Entity, Joint Venture or Joint Venture Subsidiary prepared in accordance with either an Acceptable Financial Accounting Standard, or an Authorised Financial Accounting Standard provided the information contained in such statements is maintained based on that accounting standard and it is reliable.

   3. In the case of a Constituent Entity that is not included in a Multinational Enterprise Group's Consolidated Financial Statements on a line-by-line basis solely due to size or materiality grounds, the financial accounts of that Constituent Entity that are used for preparation of the Multinational Enterprise Group's Qualified Country-by-Country Report.

   4. In the case of a Permanent Establishment, Separate Qualified Financial Statements for that Permanent Establishment.

3. Investment Entity Jurisdiction is the jurisdiction in which an Investment Entity or Insurance Investment Entity is resident for the purposes of a Qualified Country-by-Country Report.

4. A Net Unrealised Fair Value Loss is the sum of all losses, as reduced by any gains, which arise from changes in fair value of Ownership Interests, except for Portfolio Shareholdings, included in a Multinational Enterprise Group's profit or loss before income tax in respect of a jurisdiction for a Fiscal Year as reported in its Qualified Country-by-Country Report.

5. Profit or Loss Before Income Tax is a Multinational Enterprise Group's profit or loss before income tax in respect of a jurisdiction for a Fiscal Year as reported in the Multinational Enterprise Group's Qualified Country-by-Country Report.

6. Qualified Person is, in respect of an Ultimate Parent Entity that is a Flow-through Entity, an ownership holder described in Article 58 of these Regulations.

7. Simplified Covered Taxes comprise the aggregate income tax expense of all Constituent Entities or Joint Ventures and Joint Venture Subsidiaries, as the case may be, of a Multinational Enterprise Group in a jurisdiction for a Fiscal Year, as reported on the Multinational Enterprise Group's Qualified Financial Statements, after eliminating any taxes that are not Covered Taxes and uncertain tax positions reported in the Multinational Enterprise Group's Qualified Financial Statements.

8. Total Revenue means a Multinational Enterprise Group's Total Revenue in a jurisdiction as reported on its Qualified Country-by-Country Report.

For the purposes of Clause 2 of Paragraph A of Article 13 of the Law, the alternative Effective Tax Rate of a Multinational Enterprise Group in respect of a jurisdiction for a Fiscal Year shall be equal to an amount expressed as a percentage calculated in accordance with the formula :

A Net Unrealised Fair Value Loss shall be excluded from Profit or Loss Before Income Tax if that loss exceeds EUR 50 million in respect of a jurisdiction for a Fiscal Year.

For the purposes of Clause 1 of Paragraph A of Article 13 of the Law, where a Constituent Entity is held for sale, its revenue for a Fiscal Year shall be aggregated with the revenue of the Multinational Enterprise Group reported in its Qualified Country-by-Country Report for that Fiscal Year in respect of the jurisdiction in which the Constituent Entity is resident.

Taxes paid under a Controlled Foreign Company Tax Regime or a Taxable Branch Regime do not need to be allocated for purposes of determining the alternative Effective Tax Rate under Clause 2 of Paragraph A of Article 13 of the Law for the jurisdiction of the Constituent Entity-owner or Main Entity. A Taxable Branch Regime refers to a tax regime that does not provide an exemption for the taxable income generated by a foreign branch or Permanent Establishment located in a jurisdiction other than the jurisdiction in which the Main Entity is located.

For the purposes of Paragraph C of Article 13 of the Law, the conditions described under Paragraph A of Article 13 of the Law are applied to a Joint Venture and Joint Venture Subsidiaries as if they were Constituent Entities of a separate Multinational Enterprise Group. The Profit or Loss Before Income Tax and Total Revenue of the Joint Venture and Joint Venture Subsidiaries in respect of the Fiscal Year and the jurisdiction concerned shall be those included in their Qualified Financial Statements.

For the purposes of Paragraph A of Article 13 of the Law and subject to Paragraph H of this Article, where an Ultimate Parent Entity of a Multinational Enterprise Group is a Flow-through Entity, then the Profit or Loss Before Income Tax and any associated taxes of the Ultimate Parent Entity are reduced to the extent that such amount is attributable to an Ownership Interest held by a Qualified Person.

Where an Ultimate Parent Entity is a Flow-through Entity, the Transitional Country-by-Country Reporting Safe-Harbour under Article 13 of the Law will not apply to that Multinational Enterprise Group in respect of the jurisdiction where that Ultimate Parent Entity is located unless all the Ownership Interests in the Ultimate Parent Entity are held by Qualified Persons.

For the purposes of Paragraph A of Article 13 of the Law, a Multinational Enterprise Group shall exclude Investment Entities and Insurance Investment Entities.

Notwithstanding Paragraph I of this Article, an Investment Entity or an Insurance Investment Entity shall not be excluded where all of the following conditions apply:

1. No election has been made under Article 60 or Article 61 of these Regulations where such election covers the Fiscal Year.

2. All Constituent Entity Owners of that Entity are resident in the Investment Entity Jurisdiction.

All relevant information concerning the application of the Transitional Country-by-Country Reporting Safe Harbour shall be included in the Tax Return for the Fiscal Year in accordance with Article 66 of these Regulations.

Where a Multinational Enterprise Group is not required to file Country-by-Country Reports, a Filing Constituent Entity which is a Constituent Entity of that Multinational Enterprise Group may claim Transitional Country-by-Country Reporting Safe Harbour under Article 13 of the Law, provided the Filing Constituent Entity completes a Tax Return pursuant to Article 66 of these Regulations using data from Qualified Financial Statements that would have been reported as Total Revenue and Profit or Loss before Income Tax in a Qualified Country-by-Country Report if the Multinational Enterprise Group had been required to file a Country-by-Country Report.