Media & Resources
CFC notification term is approaching
DATE: March 9, 2017 | AUTHOR: atlawyers
The final date for filing notices on Controlled Foreign Companies (CFCs) is March 20. The Tax Code obliges controlling persons to file such notice if CFCs’ 2015 profit is deemed their income (i.e. meets RUR 50 mln. threshold). However, Ministry of Finance insists that controlling persons shall file the notice regardless of the CFCs’ financial results. Fail to do so may be fined with RUR 100 000 for each undisclosed CFC. We recommend to file a notice if a CFC suffered loss in 2015, otherwise such loss may not be transferred to future tax periods.