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United Kingdom, Switzerland and Israel have been included in Russian tax authorities’ black list for taxation of controlled foreign companies’ profit.
DATE: October 27, 2015 | AUTHOR: atlawyers
United Kingdom, Switzerland and Israel have been included in Russian tax authorities’ black list for taxation of controlled foreign companies’ profit. The list includes 119 countries and 18 territories, with which the practice of tax information exchange has not yet been “well-established”. Notably, many jurisdictions in the list do have treaties on exchange of tax information, but Russian tax authorities are not satisfied with their implementation. CFC profit is taxed if it was incorporated in a state from the list. The relevant Order of the RF Federal Tax Service comes into force on 01.01.2016.