What is the difference between a notice and a controlled foreign companies report? What should be submitted now?

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CFC: Submission of notification and report in Ukraine
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In practice, the question very often arises what is the difference between a CFC notification (which is submitted within 60 days from the date of acquisition of a stake in a CFC or the occurrence of another event affecting participation in a CFC) and a CFC report.
Pravova Dopomoga is often approached by clients who confuse these concepts and do not understand when and what kind of report they need to submit, and also whether one report excludes the need to submit a second one. Let's figure it out in this article about everything in order.

When is it necessary to submit notifications and a CFC report

Dear visitor, the full text of this article is available only in Ukrainian and Russian versions. 

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Team of "Pravova dopomoga" law firm
Publication date: 08/03/2023
  • determination of the number of CFCs held by an individual, their income and the functional load of each CFC (in the structure of the client's business);
  • determination of the risks borne by each CFC in Ukraine: the risk of the need to declare, as well as the need to pay taxes by an individual as part of their annual reporting;
  • determination of the taxable base of a CFC in Ukraine;
  • recommendations regarding the restructuring of a group of companies aimed at minimizing the risk of CFCs in Ukraine (liquidation of “unnecessary” companies, change in ownership structure, change in ownership format, redomiciliation of companies, etc.);
  • support for the implementation of the approved restructuring scheme;
  • assistance with CFC declaration in Ukraine: filling out and filing a tax return, communication with the tax service in case of any questions.

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