For the purpose of this Article, the following definitions apply:

(a)   ‘joint venture’ means an entity other than an ultimate parent entity of an MNE Group whose financial results are reported under the equity method in the consolidated financial statements of the ultimate parent entity provided that the ultimate parent entity holds, directly or indirectly, at least 50 % of its ownership interest;

(b)   ‘joint venture affiliate’ means:

(i)    an entity whose assets, liabilities, income, expenses and cash flows are consolidated in the financial statements of a joint venture under an acceptable financial accounting standard or would have been consolidated had the joint venture been required to consolidate such assets, liabilities, income, expenses and cash flows under an acceptable financial accounting standard; or

(ii)   a permanent establishment whose main entity is a joint venture or an entity referred to in point (a).

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