
Russia has set a fixed amount of RUB5 million ($72,777) per year as tax on revenues from the activities of controlled foreign companies (CFC). The new rules allow CFC owners to elect to pay tax on a deemed fixed income of RUB38.46 million, instead of being taxed on the CFCs' actual declared profits. The effect is a RUB5 million flat-rate tax charge for the year 2020, regardless of the number of CFCs owned or their real financial performance. "Now, Russian tax residents - owners of fore...
To continue reading this article...
Join International Investment
Join International Investment today
Unlock members-only benefits:
- Unlimited access to real-time news, industry insights, video features and market intelligence
- Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
- Receive breaking news stories straight to your inbox in the daily newsletters
- Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
- Members-only access to the Editor’s weekly news roundup newsletter
- Members-only access to analysis via our exclusive industry polls
- Be the first to hear about our events and awards programmes