March 20, 2017 is the deadline for CFC notifications

We would like to remind everyone that controlling entities must file a notification with the tax authority on controlled foreign companies for 2015 by March 20, 2017.

The notification form, format and procedure for submitting it are established by Order No.MMV-7-13/679@ of the Russian Tax Service dated 13.12.2016.

Additionally, as part of the statements for controlled foreign companies the controlling entities will also need to submit, along with the profit or personal income tax declaration (depending on the status of the controlling entity), documents on the controlled foreign companies:

• financial statements of the controlled foreign company, and if not available, other documents;
• audit report on the financial statements of the controlled foreign company (if applicable).

Please note that organizations need to file a profit tax declaration by March 28, 2017, and individuals need to file a personal income tax declaration (form 3-NDFL) by May 2, 2017.