Key Principles for Filing a CFC Notification
In the latest advisory from the State Tax Service of Ukraine, the focus is on the correct filing and submission of notifications for Controlled Foreign Corporations (CFCs). According to the Ministry of Finance’s Order No. 512 dated September 22, 2021, each section and line in the notifications must be accurately filled out to avoid any mistakes.
Attention to Detail in Section III
Special attention should be paid to Section III, which deals with information regarding the acquisition or disposal of shares in foreign legal entities. All lines in this section must contain data that can be recorded in both Ukrainian and Latin scripts.
Indicating Indirect Ownership
It is crucial that if indirect ownership amounts to zero percent, the lines 14 and 15 should state “no information.” This clarification will explicitly indicate the absence of relevant data and help prevent potential misunderstandings.
This information serves as a vital reminder for everyone involved in filing reports for controlled foreign companies. For more detailed information, refer to the State Tax Service consultation at https://tax.gov.ua/en/mass-media/news-ark/768711.html.
Seeking Assistance
For additional consultation and support in submitting your CFC notification correctly and on time, please contact “Zubritska’s Accounting Clinic” at expertz.com.ua.
