Russia has published Federal Law No 368-FZ of 9 November 2020, which provides amendments to the Tax Code in relation to controlled foreign companies (CFCs).
One of the key measures of the law is the option for individuals to elect for simplified taxation of their CFCs as announced earlier in the year to promote the development of foreign business activities. Where an individual elects the option and notifies the tax authority, they are allowed to be taxed based on a fixed CFC profit amount…