Establishing the income base
The starting financial accounting net income or loss is then adjusted under mandatory and elective rules. It is a standardised accounting-based measure and is not Singapore chargeable income: capital gains and unremitted foreign income can enter GloBE even when absent from the local taxable base. The slides address constituent-entity accounts, flow-through allocation and acceptable accounting standards. Preserve the bridge from consolidation data to each entity’s GloBE result instead of importing an ordinary tax computation unchanged.
Selecting and converting currency
DTT can use SGD where the local accounting and year-end conditions are met. Other circumstances can require an election between SGD and the parent’s presentation currency, with five-year election and re-election restrictions. Euro-denominated threshold comparisons use the specified preceding-December average rate hierarchy, beginning with ECB rates and then the stated alternatives if unavailable. Distinguish functional currency, presentation currency and payment currency; a convenient transaction-date rate does not automatically satisfy the threshold method.
Official source
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