The time limits for notification vary:
- for legal entities — by 20 March of the year following the tax period in which income in the form of CFC profit is recognised by the controlling person.
- for legal entities — before 30 April of the year following the tax period in which income in the form of CFC profit is recognised by the controlling person.
The date of recognition of a person’s income in the form of profit of a CFC is 31 December of the calendar year following the tax period which is the end date of the period for which the financial statements for the financial year are prepared in accordance with the personal law of such company.
For example, if the company is established on 30 May 2022 and its financial year is the calendar year from 1 January to 31 December. Then the date of recognition of income as profit of the CFC would be 31 December 2023. The individual must then file accounts by 30 April 2024.
The CFC notification deadline for an individual is 31 December 2024 if the financial year of that company is from 1 April 2022 to 31 March 2023, for example.Along with the notification must be submitted:
- CFC financial statements translated into Russian.
- the auditor’s report on the CFC’s financial statements translated into Russian.