Amendments to the Tax Code of Ukraine on controlled foreign companies – what is new starting from July 01, 2024? Were the fines cancelled or suspended?
On July 01, 2024, after almost two months of waiting for the President’s signature, Law No. 3706-IX came into force, which, among other things, amended the Tax Code of Ukraine regarding the rules of taxation of CFCs and liability for violations in this area.
Controlling persons of CFCs were waiting for these changes to enter into force, as two months ago there was news about the alleged abolition of fines for the period of war for late submission of CFC reports.
Is it really true?
In this article, we will analyze what the legislator has actually adopted, whether it is really about the abolition of these (and some other) fines, or whether the application of fines has simply been postponed until the end of the war.
The full version of the article is available in Ukrainian by the link.
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