Russia sets new terms to report on controlled foreign companies

Riga, Latvia, March 30, 2015, 11:30 / Industry News / Jurisdiction: Russian Federation

According to the Ministry of Finance, in Russia the deadline to report on controlled foreign companies will be postponed from 1 April until 15 June, announced the Finance Minister Anton Siluanov.

Amendments to the Federal Law of the Russian Federation dated 24.11.2014 N.376-F3 “On Amendments to Parts I and II of the Tax Code of the Russian Federation (With Respect to the Taxation of the Profit of Controlled Foreign Companies and the Revenues of Foreign Companies)” are planned to be introduced to the draft federal law passed already in the first reading of the federal law N. 667946-6 (on rendering of social tax deduction).

Deputies want to add two more new articles to the draft federal law. The first article concerns the slippage of terms to report on the participation in controlled foreign companies, the second article exempts taxpayers from liabilities if they fail to report until 1 April, as more likely, this law that is still being discussed will not be passed until this date.

This information on products and services is provided for information only and may not be treated as a commercial offer. Assessing any services described herein, a conclusion by independent lawyer, tax specialist and/or auditor should be obtained.

ABLV Corporate Services does not guarantee completeness and accuracy of the provided information. The information and conclusions may be changed any time without notice. This information may not be reproduced, copied or passed to a third party without prior consent of ABLV Corporate Services. Products and services may be provided by partners of ABLV Corporate Services, that is not related to ABLV Corporate Services.