111AAI.   Top-up tax information return

(1) Subject to subsections (2) and (5), a constituent entity located in the State for a fiscal year shall prepare and deliver to the Revenue Commissioners a correct and complete return (in this Part referred to as a ‘top-up tax information return’) for the fiscal year, on or before the specified return date, that—

(a) is in accordance with the standardised GloBE Information Return set out in the document referred to in paragraph (f) of the definition, in section 111B, of ‘OECD Pillar Two guidance’, and

(b) contains the information referred to in subsection (3).

(2) (a) A constituent entity may appoint a designated local entity to prepare and deliver to the Revenue Commissioners the top-up tax information return on behalf of the constituent entity, but no more than one entity in an MNE group or large-scale domestic group, as the case may be, may be appointed as a designated local entity.

(b) Subsection (1) shall not apply to a constituent entity for a fiscal year where a top-up tax information return for the fiscal year is prepared and delivered to a tax authority in another jurisdiction on or before the specified return date by—

(i) the ultimate parent entity located in a jurisdiction that has a qualifying competent authority agreement in effect with the State for that fiscal year, or

(ii) a designated filing entity located in a jurisdiction that has a qualifying competent authority agreement in effect with the State for that fiscal year.

(c) Where paragraph (b) applies, the constituent entity or a designated local entity on behalf of the constituent entity shall, on or before the specified return date, prepare and deliver to the Revenue Commissioners a notification (in this section referred to as a ‘notification of filer’) containing the information specified in subsection (7).

(3) A top-up tax information return shall include the following information in respect of the MNE group or large-scale domestic group for a fiscal year:

(a) the name, TIN, location and status for the purposes of the Directive of each entity;

(b) information on the overall corporate structure of the MNE group or large-scale domestic group, including controlling interests in the constituent entities held by other constituent entities;

(c) such information that is necessary to calculate—

(i) the effective tax rate for each jurisdiction,

(ii) the top-up tax for each constituent entity,

(iii) the top-up tax of a member of a joint venture group, and

(iv) the allocation of the top-up tax amount under the qualified IIR and the qualified UTPR for each jurisdiction;

(d) a record of the elections made or withdrawn;

(e) such other information in relation to this Part as the Revenue Commissioners may reasonably require.

(4) For the purpose of subsection (3), where a constituent entity is required to prepare and deliver a top-up tax information return, the constituent entity shall request from the ultimate parent entity of the MNE group or large-scale domestic group such information as is required to complete the top-up tax information return and, where the ultimate parent entity fails to so provide all information required, the constituent entity shall notify the Revenue Commissioners, in such form and manner as may be specified by the Revenue Commissioners, of that refusal when delivering the return.

(5) Where the ultimate parent entity of a constituent entity is located in a third country jurisdiction that applies rules that have been assessed as equivalent to the rules of the Directive, pursuant to Article 52 of the Directive, subsection (1) shall not apply to the constituent entity and the constituent entity or the designated local entity shall prepare and deliver to the Revenue Commissioners, on or before the specified return date, in the prescribed form, a top-up tax information return containing the following information:

(a) all information that is necessary for the purposes of the application of section 111H, including—

(i) identification of all the constituent entities in which a partially-owned parent entity located in the State holds or held, directly or indirectly, an ownership interest at any time during the fiscal year and the structure of those ownership interests,

(ii) all information that is necessary to calculate the effective tax rate of the jurisdictions in which a partially-owned parent entity located in the State holds ownership interests in constituent entities to which subparagraph (i) refers and the amount of the top-up tax due, and

(iii) all information that is relevant for that purpose in accordance with section 111I, 111J or 111K, as the case may be;

(b) all information that is necessary for the application of section 111M, including—

(i) identification of all the constituent entities located in the ultimate parent entity jurisdiction and the structure of those ownership interests,

(ii) all information that is necessary to calculate the effective tax rate of the ultimate parent entity’s jurisdiction and the amount of the top-up tax due, and

(iii) all information necessary for the allocation of that top-up tax based on the UTPR allocation formula set out in section 111N;

(c) all information that is necessary for the application of a qualified domestic top-up tax of a Member State.

(6) A return required to be prepared and delivered under this section may be amended only where such an amendment is necessary to—

(a) correct either an error or mistake, or

(b) comply with any other provision of this Part.

(7) A notification of filer, in respect of a constituent entity, shall include—

(a) the name of the constituent entity,

(b) the TIN of the constituent entity,

(c) the name of the entity filing the top-up tax information return,

(d) the location of the entity filing the top-up tax information return,

(e) the TIN of the entity filing the top-up tax information return, and

(f) such other information in relation to this Part as the Revenue Commissioners may reasonably require.

(8) A qualifying entity within the meaning of section 111AAB(1)(c) for an accounting period shall prepare and deliver to the Revenue Commissioners a correct and complete top-up tax information return, in respect of that entity for the accounting period, on or before the specified return date.