Representatives of the State Tax Service took part in an online marathon on monitoring administration of controlled foreign companies

Representatives of the State Tax Service of Ukraine took part in an online marathon organized by the Association of lawyers of Ukraine and devoted to the topic: "Business in conditions of the martial law. Controlled foreign companies. Innovations in taxation and reporting for 2022-2023."

Experts of the State Tax Service, during the event, informed about the main control tools over administration of controlled foreign companies. Given the topicality of specified topic, the detailed explanations were provided regarding income taxation of controlled foreign companies, innovations in taxation and reporting.

Particularly, the concept of controlled foreign companies, their types, functions performed by the controlling person, types of control, income taxation of controlled foreign companies, etc., were considered.

Innovations in taxation and reporting of controlled foreign companies in 2022-2023 also became important. Experts informed about conditions for the need for reporting, structure and composition of reporting, deadlines and format of submission, procedure for filling in the report on controlled foreign companies, etc.

Representatives of the State Tax Service also spoke about tax control over controlled foreign companies, including mechanisms for obtaining or collecting information.

Comprehensive answers were given during the event to questions of participants of an online marathon regarding activities of controlled foreign companies, individual examples were considered that will help taxpayers to avoid mistakes fulfilling their tax obligations.