The campaign for submission of CFC reports by individuals is coming to an end
The State Tax Service of Ukraine reminds that the deadline for submission of reports on controlled foreign companies (hereinafter referred to as CFCs) by controllers is expiring.
Paragraph 392.5 of the Tax Code sets out the requirements for the preparation and submission of the CFC Report, in particular, it stipulates that the CFC Report shall be submitted to the supervisory authority simultaneously with the submission of the annual property and income tax return or corporate income tax return for the relevant calendar year by electronic means in electronic form in compliance with the requirements of the Laws of Ukraine "On Electronic Documents and Electronic Document Management" and "On Electronic Identification and Electronic Trust Services".
The Order of the Ministry of Finance No. 254 dated August 25, 2022 approved the form of the Report on Controlled Foreign Companies, the form of the shortened CFC Report, the Procedure for filling out the CFC Report, the shortened CFC Report and submission to the supervisory authority.
The CFC Report forms for individuals with the form identifier are available in the Taxpayer's Electronic Account: F0108601 - short form and F0108701 - full form.
Please note that CFC Reports are to be submitted for foreign companies (CFCs) established both before 2022 and after the introduction of the CFC rules, including those for which a notification has been submitted on the acquisition (commencement of actual control) or alienation of a share (termination of actual control) by a resident of Ukraine in a foreign legal entity or property rights to a share in the assets, income or profit of an entity without the status of a legal entity.
The liability for violation of the deadlines for submitting CFC reports is set forth in clause 120.7 of the TCU.
Buhgalter 911 notes that the content of the author's materials may not coincide with the policy and opinion of the editorial team. The authors of the published materials include not only representatives of the editorial team.
The information presented in a particular publication reflects the position of the author. The editorial team does not interfere with the author's materials, does not edit the texts, and is therefore not responsible for their content.