CFC and Capital Amnesty
The guarantees apply to actions committed before January 1, 2018, and to some offenses committed up to the date of filing the declaration.
The opportunity to "justify oneself" is particularly relevant in the framework of the automatic exchange of information, which allows Russian tax authorities to obtain information on foreign accounts and companies controlled by Russian tax residents.
Russian President Vladimir Putin proposed to extend the capital amnesty for at least a year (until 2020), but only for those who transfer funds to Russia and register business in special administrative areas. The draft law on the extension of the capital amnesty should appear in the near future.
- Risk analysis of recognition of a foreign company as a CFC;
- Analysis of tax implications and risks in relation to the CFC ownership including analysis of the opportunity to apply tax concession and exemptions;
- Preparation of documents required for annual reporting on the CFC;
- Submission of documents to the tax authorities on behalf of the controlling person by the power of attorney.
- Analysis of the current tax risks in relation to the existing individual’s assets and appraise the amount of penalties that could be deemed to an individual arising from violations of the currency and tax legislation of the Russian Federation;
- Preparing of the special declaration, relevant documents for the CFC, as well as the notification of the opening accounts required for exemption from responsibilities;
- Submitting the documents to the tax authorities on behalf of the individual by the power of attorney.
- Preparation of the documents required for application of the tax exemptions for submitting to the tax authorities;
- Submit documents to the tax authorities.