Russia: Draft Order for approving CFC notification form published

According to the Russian Tax Code, individuals and companies are needed to notify the tax authority of controlled foreign companies (CFC) of which they are considered controlling persons. Note that, these companies and individuals are considered to be tax residents of Russia. The first CFC notifications must be submitted to a tax authority within 20^th March 2017. A draft Order of FTS has been published for public consultation that approves the form and format for submission of a CFC notification and the procedure for completing and submitting it in electronic form. The public consultation period ends on 5^th June 2016. A notification may be submitted to the tax authorities in electronic form. That’s why there is no need to submit a notification in paper form. On the basis of draft, some information like details of taxpayer, details of the individual, Details of respective CFC (both native and foreign structures), grounds for considering the taxpayer a controlling person of the CFC, information on financial statements of CFC, disclosure of the manner of the taxpayer’s participation in the CFC in the case of indirect participation, grounds for recognizing the CFC in case of foreign structure, details for both Russian and foreign entity must be provided in a notification. If a notification is submitted to an unauthorized tax authority then it will not be considered to have been accepted.