Find out what is Controlled foreign company and controlling individual?
Controlled foreign company is a legal entity registered in a foreign country or territory, which is recognized as being under control of individual or legal person – resident of Ukraine.
Controlling individual is individual or legal entity – residents of Ukraine, who are direct or indirect owners (controllers) of controlled foreign company.
Article 392 of the Tax Code of Ukraine stipulates that individual who is resident of Ukraine or legal entity who is resident of Ukraine is obliged to inform controlling body about:
− each direct or indirect acquisition of a share in the foreign company;
− beginning of control over the foreign company;
− establishment, creation or acquisition of property rights to a share in assets and their alienation;
- liquidation or alienation of property rights to a share in assets, income or profit of entity without the legal entity’s status.
Details are in the video and by following link.
