On 5 December 2022, the Federal Tax Service of Russia published Order No. ED-7-17/987 in the Official Gazette which provides an update list of jurisdictions that do not have acceptable tax information exchange with Russia. The list applies in relation to the tax exemption for controlled foreign company (CFC) profits, which is not available if a CFC is located in a listed jurisdiction.
As compared to the prior list, Jurisdictions added to the list include Canada, the Cayman Islands, Guernsey, and the Isle of Man, meaning that CFCs in these jurisdictions will no longer be eligible for the exemption. Accordingly, Andorra, Bahrain, Barbados, Colombia, Costa Rica, Ecuador, the Faroe Islands, Gibraltar, Macau, Nigeria, Pakistan, Saint Lucia, and Uruguay are removed from the prior list.
