The list of states which do not exchange with information for taxation purposes was updated
30 states have been added to the list, including Austria, Belgium, Cyprus, while Jamaica has been excluded from it. The full list is available on the website.
If you own a controlled foreign company (“CFC”) in a country from the list, the following may be relevant to you:
- no exemption of CFC profit from taxation in certain cases;
- status of CFC controlling person even if its shares are traded on stock exchanges of OECD states;
- mandatory audit of CFC financial statements etc.
