Malaysia legislation
Section 201
Section 201
(2)
A Constituent Entity located in Malaysia of that
Multinational Enterprise Group may elect to appoint a
Designated Local Entity to furnish to the Director General the information return referred to in subsection (1), on its behalf.
(3)
Subsections (1) and (2) shall not apply if the information return in the prescribed form has been filed not later than fifteen months from the last day of the Reporting Financial
Year by—
(a)
the Ultimate Parent Entity of that Multinational
Enterprise Group that is located in a jurisdiction that has a Qualifying Competent Authority Agreement in effect with the Government for the Reporting
Financial Year; or
(b)
a Designated Filing Entity that is located in a jurisdiction that has a Qualifying Competent
Authority Agreement in effect with the Government for the Reporting Financial Year and the
Multinational Enterprise Group has elected to appoint that Designated Filing Entity to furnish to the
Director General the information return referred to in subsection (1), on its behalf.
Act 851
(4)
The election in subsection (2) or (3) shall be made by a notice in writing in the prescribed form and furnished to the Director General not later than fifteen months from the last day of the Reporting Financial Year by a
Constituent Entity or by a Designated Local Entity on behalf of that Constituent Entity.
(5)
For the purposes of this section, an information return or a notice in writing shall be furnished to the Director General in a prescribed form on an electronic medium or by way of electronic transmission in accordance with section 152a.
(6)
For the purposes of this section—
(a)
an information return concerning the Multinational
Enterprise Group for a Reporting Financial Year shall contain—
(i)
identification of the Constituent Entities, including their tax identification numbers, the jurisdiction in which they are located and their status as a Partially-Owned Parent
Entity, Joint Venture, Joint Venture subsidiary,
Investment Entity, Flow-through Entity, or
Permanent Establishment under this Part;
(ii)
information on the overall corporate structure of the Multinational Enterprise
Group including the Controlling Interests in the Constituent Entities held by other
Constituent Entities;
(iii)
the information necessary to compute—
(A)
the Effective Tax Rate for each jurisdiction and the Domestic
Top-up Tax or Multinational Top-up
Tax of each Constituent Entity under Chapter 7 of this Part;
(B)
the Domestic Top-up Tax or
Multinational Top-up Tax of a member of the Joint Venture Group under
Chapter 8 of this Part;
Finance (No. 2)
(C)
the allocation of Multinational Top-up
Tax under the Income Inclusion Rule to each jurisdiction under Chapter 4
of this Part;
(iv)
a record of the elections made in accordance with the relevant provisions of this Part;
(v)
other information that is agreed as part of the GloBE Implementation Framework and is necessary to carry out the administration of this Part; and
(vi)
such particulars as may be required by the
Director General;
(b)
a notice in writing shall contain such particulars as may be required by the Director General.
(7)
In this section—
“Designated Local Entity” means the Constituent Entity of a Multinational Enterprise Group that is located in Malaysia throughout the relevant Reporting Financial Year and that has been appointed by another Constituent Entity located in Malaysia of that Multinational Enterprise Group;
“Qualifying Competent Authority Agreement” means a bilateral or multilateral agreement or arrangement between
Competent Authorities that provides for the automatic exchange of annual information returns.
Top-up Tax return by Constituent Entity