Section 3

Notwithstanding any other provisions of this Act and for the purposes of the imposition of Domestic Top-up Tax or Multinational

Top-up Tax and the implementation of the GloBE Rules, Part XI of the

Income Tax Act 1967 shall also apply to a Labuan entity which is a

Constituent Entity that is a member of a Multinational Enterprise

Group that has annual revenue of seven hundred and fifty million euro or more in the Consolidated Financial Statements of the Ultimate

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Parent Entity in at least two of the four consecutive Financial Years immediately preceding the tested Financial Year.

Where one or more of the Financial Years of the Multinational

Enterprise Group taken into account for the purposes of subsection (2)

is of a period other than twelve months, for each of those Financial

Years the seven hundred and fifty million euro annual revenue is adjusted proportionally to correspond with the length of the relevant

Financial Year.

For the purposes of subsections (2) and (3), “Consolidated

Financial Statement”, “Constituent Entity”, “Financial Year”,

“GloBE Rules”, “Multinational Enterprise Group” and “Ultimate

Parent Entity” have the meaning assigned to them in Part XI of the

Income Tax Act 1967.

Labuan business activity chargeable to Income Tax Act 1967 upon election