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CFC notification term is approaching

DATE: February 20, 2017 | AUTHOR: atlawyers

The final date for filing notices on Controlled Foreign Companies (CFCs) is 20.03.2017.

The Tax Code obliges controlling persons (CP) to file notice in case CFCs’ 2015 profit is recognized as their income (i.e., meets RUR 50 mln. threshold). But the Ministry of Finance insists that each CP must file notice regardless of the CFC’s financial results (fine at a rate of 100 000 RUR for each undisclosed CFC).

In practice, it is recommended to file the notice if the CFC suffered loss in 2015. the CP is not allowed to transfer such loss to the future tax periods.

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