1.  By way of derogation from Articles 25 to 28, at the election of the filing constituent entity, the top-up tax due for the constituent entities located in a jurisdiction shall be equal to zero for a fiscal year if, for such fiscal year:

(a)   the average qualifying revenue of the constituent entities located in that jurisdiction is less than EUR 10 000 000; and

(b)   the average qualifying income or loss of that jurisdiction is a loss or is less than EUR 1 000 000.

The election shall be made annually in accordance with Article 43(2).

2.  The average qualifying revenue or average qualifying income or loss referred to in paragraph 1 shall be the average of the qualifying revenue or qualifying income or loss of the constituent entities located in the jurisdiction for the fiscal year and the two preceding fiscal years.

If there are no constituent entities with qualifying revenue or qualifying loss located in the jurisdiction in the first or second preceding fiscal years, such fiscal years shall be excluded from the calculation of the average qualifying revenue or qualifying income or loss of that jurisdiction.

3.  The qualifying revenue of the constituent entities located in a jurisdiction for a fiscal year shall be the sum of the revenues of the constituent entities located in that jurisdiction, reduced or increased by any adjustment carried out in accordance with Chapter III.

4.  The qualifying income or loss of a jurisdiction located in a jurisdiction for a fiscal year shall be the net qualifying income or loss of that jurisdiction as computed in accordance with Article 25(2).

5.  The de minimis exclusion shall not be applicable to stateless entities and investment entities. The revenue and qualifying income of such entities shall be excluded from the computation of the de minimis exclusion.

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