(1) Part 35A of the Principal Act is amended by the insertion of the following section after section 835D:

"835DA.OECD Pillar One - Amount B

(1)

(a) In this section -

'covered jurisdiction' means a jurisdiction listed in the document entitled Statement on the definition of covered jurisdiction for the Inclusive Framework political commitment on Amount B, published by the OECD on 17 June 2024;

'OECD' has the same meaning as in section 835D(1);

'OECD Pillar One Amount B guidance' means the document entitled OECD (2024), Pillar One - Amount B: Inclusive Framework on BEPS, OECD/G20 Base Erosion and Profit Shifting Project, OECD Publishing, Paris, published by the OECD on 19 February 2024, supplemented by the document entitled Statement on the definitions of qualifying jurisdiction within the meaning of section 5.2 and section 5.3 of the simplified and streamlined approach, published by the OECD on 17 June 2024;

'one-sided transfer pricing method' and 'tested party' shall be construed in accordance with the transfer pricing guidelines (within the meaning of section 835D);

'qualifying arrangement' shall be construed in accordance with subsection (2).