Campaign for individuals to submit reports on controlled foreign companies is coming to the end

State Tax Service of Ukraine reminds that deadline for submission of reports on controlled foreign companies by controllers is coming up.

Paragraph 39².5 Article 39² Section I of the Tax Code of Ukraine (hereinafter – Code) establishes requirements for preparation and submission of Report on controlled foreign companies, in particular, it is determined that Report on controlled foreign companies is submitted to the controlling body simultaneously with submission of annual property and income declaration or corporate income tax declaration for relevant calendar year by electronic communication means in the electronic form in compliance with requirements of the Laws of Ukraine "On electronic documents and electronic document management" and "On electronic identification and electronic trust services".

Order of the Ministry of Finance of Ukraine № 254 as of 25.08.2022, registered in the Ministry of Justice of Ukraine on 11.10.2022 under № 1219/38555, approved form of Report on controlled foreign companies, form of the abbreviated form of Report of controlled foreign companies, procedure for filling out Report on controlled foreign companies, abbreviated form Report on controlled foreign companies and submission to the controlling body.

Taxpayer's Electronic Cabinet contains forms of the Report on controlled foreign companies for individuals with the form identifier: F0108601 – abbreviated form and F0108701 – full form.

Please note that Reports on controlled foreign companies are submitted for foreign companies (controlled foreign companies) that were founded both before 2022 and after introduction of rules on controlled foreign companies, including on which notification was submitted about acquisition (start of actual control) or alienation (termination of actual control) of a share by resident of Ukraine in the foreign legal entity or property rights to a share in assets, income or profit of entity without the legal entity’s status.

Liability for violation of deadlines for submission of reports on controlled foreign companies is defined in Paragraph 120.7 Article 120 of the Code.