CHANGES TO THE TAX CODE THAT FORCE TO SUBMIT NEW REPORTING TO THE TAX AUTHORITY ON CONTROLLED FOREIGN COMPANIES AND TO PAY TAXES IN UKRAINE

Due to the fact that the Laws of Ukraine on Amendments to the Tax Code of Ukraine (No. 466-IX dated 16.01.2020, No. 786-IX dated 14.07.2020 and No. 1117-IX dated 17.12.2020), which entered into force in 2023, Ukrainian enterprises and individual residents of Ukraine who own or control foreign structures, entities without the status of a legal entity (trusts, funds, other institutions and organizations created on the basis of a deed or law of a foreign state) are obliged report on the profits of CFCs in Ukraine and pay taxes on them in Ukraine, Law firm ASTRON has prepared a consultation on the duties of controlling persons to report to tax authorities on controlled foreign companies (CFCs).