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СFC: might be postponed to 2022

On November 3, 2020, the bill №4065 was adopted in the first reading, which provides for the following important changes regarding the CFC:

the first reporting (tax) year for the report on controlled foreign companies is 2022 (if the reporting year does not correspond to the calendar year - the reporting period beginning in 2022). Controlling persons have the right to submit a report on controlled foreign companies for 2022 to the controlling body simultaneously with the submission of an annual declaration of property and income or corporate income tax return for 2023, including the adjusted profit of the controlled foreign company subject to taxation in Ukraine specified in such report to the indicators of the relevant declarations for 2023. Penalties and/or fines do not apply.

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