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New tax regime for CFC holders in Russia

						The RF Ministry of Finance proposes to amend the Tax Code and establish a new tax regime for controlled foreign companies. On October 15, the executive body sent the proposed amendments to the Government. Initially, it was envisaged to introduce a flat tax on profits from foreign companies in the amount of 5 million rubles, but the amendments are no longer talking about a clearly established amount of payment, but about the amount of the CFC's profit from which this payment will be calculated, namely, 38.46 million rubles in 2020 and 34 million in 2021. Calculation of the tax in 2020 is assumed at a rate of 13%, and from 2021 - at a rate of 15%, that is, taking into account the provisions of the bill on a progressive scale of personal income tax.

To switch to the new regime, a notification to the tax authorities will need to be submitted by February 1, 2021 in relation to income for 2020  or by December 31, 2021, if this tax regime is used in the future. In the event of a transition to such a regime in 2020 or in 2021, the minimum period for its application is three years, and for those who switch to the new regime later - five years.

Legislators also plan to increase fines fivefold (from 100,000 to 500,000 rubles) for refusal or other evasion of filing financial statements or documents of a controlled foreign company and an auditor's report with the tax authorities, as well as for failure to submit a notice of controlled companies on time. It is also planned to introduce a new fine of 1 million rubles for failure to submit documents requested by the tax authorities.

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