111AAB.   Qualifying entities

(1) An entity or permanent establishment shall be a qualifying entity for a fiscal year, or an accounting period where paragraph (c) applies, if it is located in the State in accordance with section 111D, or would be if it was a constituent entity, and it is—

(a) a constituent entity to which this Part applies in accordance with section 111C,

(b) a joint venture or a joint venture affiliate in respect of which sections 111E to 111J apply to an entity with respect to its allocable share of the top-up tax of that joint venture or joint venture affiliate for a fiscal year in accordance with section 111AO(3), or would apply if that entity was located in the State, or

(c) an entity not referred to in paragraph (a) or (b), that—

(i) has revenue that exceeds the entity revenue threshold, as determined in accordance with subsection (2), for an accounting period in at least 2 previous accounting periods of the immediately previous 4 accounting periods determined by reference to its standalone financial statements, and

(ii) is not an excluded entity by virtue of section 111C(2),

but shall not include an investment entity.

(2) For the purposes of subsection (1)(c)(i), the entity revenue threshold shall be calculated as follows:

€750,000,000 × A/365

where—

A is the number of days in the accounting period concerned.