In the US, the timing is for the inbound leg. The timing for the outbound leg gets adjusted to achieve the 1 minute or 1 1/2 minute inbound leg timing:
Here is what the AIM says:
The initial outbound leg should be flown for 1 minute or
1 1/2 minutes (appropriate to altitude). Timing for
subsequent outbound legs should be adjusted, as
necessary, to achieve proper inbound leg time.