Campaign for submission of Report on controlled foreign companies for 2022-2023 has completed

State Tax Service of Ukraine announces completion of campaign for submission of Reports on controlled foreign companies by controlling entities for the reporting periods 2022 and 2023.

According to operational data, 11391 controllers submitted 30057 Reports on controlled foreign companies (hereinafter – Report) for 14116 controlled foreign companies, of which 9988 Reports are in abbreviated form and 20069 Reports are in full form.

11143 individuals submitted 29355 Reports on 13755 controlled foreign companies and 248 legal entities submitted 702 Reports on 361 controlled foreign companies.

Main countries of registration of controlled foreign companies are the Republic of Poland, namely 25%, United Kingdom – 13%, United States of America – 11%, Republic of Cyprus – 9%, Republic of Estonia – 7%, other countries – 35%.

Amount of tax payable is 1776 million UAH according to the declaration results.

It should be noted that according to norms of current legislation (Sub-paragraph 69.38 Paragraph 69 Sub-section 10 Section XX "Transitional provisions" of the Tax Code of Ukraine (hereinafter – Code)) temporarily, for aa period from August 1, 2023 until termination or abolition of martial law on the territory of Ukraine, in case of the taxpayer’s self-correction in compliance with the procedure, requirements and restrictions defined by Article 50 of the Code, errors that led to understatement of tax liability, such taxpayer is exempted from accrual and payment of fines and penalty provided for in Paragraph 50.1 Article 50 of the Code.