Section 158
Section 158
This Part shall apply to Constituent Entities that are members of a Multinational Enterprise Group that has annual revenue of seven hundred and fifty million euro or more as specified in the Consolidated Financial Statements of the Ultimate Parent Entity in at least two of the four consecutive Financial Years immediately preceding the tested
Financial Year.
(2)
Where one or more of the Financial Years of the
Multinational Enterprise Group taken into account for the purposes of subsection (1) 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.
(3)
Except for subsection (1), this Part shall not apply to Excluded Entities.
(4)
A Filing Constituent Entity may elect not to treat an Entity as an Excluded Entity in accordance with paragraph 157(1)(g)
of the definition of “Excluded Entity” and such election is a Five-Year Election.