Filing obligation and revenue threshold

(1) The ultimate parent entity of an MNE group that is resident for tax purposes in Belize shall file a CbC report in the format prescribed by Regulations with the Department, with respect to its financial year on or before the date specified in section 8G. (2) A constituent entity which is not the ultimate parent entity of an MNE Group shall file a CbC report in the format prescribed by Regulations with the Department with respect to the financial year of an MNE group of which it is a constituent entity, on or before the date specified in section 8G, if the following criteria are satisfied– (a) the entity is resident for tax purposes in Belize; and (b) one of the following conditions apply– (i) the ultimate parent entity of the MNE group is not obligated to file a country- by-country report in its jurisdiction of tax residence; (ii) the jurisdiction in which the ultimate parent entity is resident for tax purposes has a current agreement to which Belize Mutual Administrative Assistance is a party but does not have a Competent Authority Agreement in effect to which Belize is a party at the time specified in section 8G for filing the CbC report for the financial year; or (iii) there is a systemic failure of the jurisdiction of tax residence of the ultimate parent entity that has been notified by the Department to the constituent entity resident for tax purposes in Belize, Provided that where there are more than one constituent entities of the same MNE group that are resident for tax purposes in Belize and one or more of the conditions of paragraph (b) apply, the MNE group may designate one of such constituent entities to file the CbC report and to notify the Department that the filing is intended to satisfy the filing requirements of all the constituent entities of such MNE group (3) Notwithstanding subsection (2), when one or more of the conditions set out in that subsection apply, an entity described in subsection (2) shall not be required to file a CbC report with the Department with respect to any reporting financial year if the MNE group of which it is a constituent entity has made available a CbC report with respect to such financial year through a surrogate parent entity that files that country-by- country report with the tax authority of its jurisdiction of tax residence and that satisfies the following conditions– (a) the jurisdiction of tax residence of the surrogate parent entity requires filing of CbC reports which conforms to the requirements of section 8E; Mutual Administrative Assistance (b) the jurisdiction of tax residence of the surrogate parent entity has a competent authority agreement in effect to which Belize is a party by the time specified in section 8G for the filing the CbC report; (c) the jurisdiction of tax residence of the surrogate parent entity has not notified the Department of a systemic failure; (d) the jurisdiction of tax residence of the surrogate parent entity has been notified in accordance with section 8D by the constituent entity resident for tax purposed in its jurisdiction that it is the surrogate parent entity; and (e) a notification has been provided to the Department in accordance with section 8D. (4) The CbC report shall be filed by the Belize parent entity of a group that meets the MNE group definition under section 8A(1) and that reports consolidated group revenue of at least $850 million United States dollar revenue threshold or its equivalent in any other currency.