1.  The election referred to in Articles 2(3) (“excluded entities”), 15(3) (“stock-based compensation expenses”), 15(6) (“gains and losses in respect of assets and liabilities that are subject to fair value or impairment accounting”), 15(9) (“application of its consolidated accounting treatment to income, expense, gains and losses from intra-group transactions that took place within the same jurisdiction”), 40(4) (“treatment of an investment entity as a tax transparent entity”) and 41(5) (“application of a taxable distribution method”) shall be valid for a period of five years, starting from the year in which the election is made. The election shall be renewed automatically unless the filing constituent entity revokes the election at the end of the five-year period. A revocation of the election shall be valid for a period of five years, starting from the year in which the revocation is made.

2.  The election referred to in Articles 15(7), 29(1) and 38(1) shall be valid for a period of one year. The election shall be renewed automatically unless the filing constituent entity revokes the election at the end of the year.

3.  The election shall be made to the tax administration of the Member State in which the filing constituent entity is located.

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