(1) An ultimate parent entity that -
(a) is a constituent entity located in the State, and
(b) owns directly or indirectly an ownership interest in a low-taxed constituent entity at any time during a fiscal year,
shall be subject to a top-up tax (in this section referred to as 'IIR top-up tax') in respect of that low-taxed constituent entity.
(2) Where an ultimate parent entity located in the State is a low-taxed constituent entity in a fiscal year, that ultimate parent entity shall be subject to IIR top-up tax for the fiscal year in respect of itself.