Russian Federal Law No376-FZ – Part 1 Controlled Foreign Companies

The new Russian law on the taxation of controlled foreign companies (the ‘CFC’) and other anti-offshore measures, better known as the “De-offshorisation Law” (the ‘Law’) had received presidential assent on Monday 24 November 2014. The new amendments to the Russian Tax Code, have been effective since 1 January 2015. The purpose of this newsflash (Area 1 – Controlled Foreign Companies (CFC) ), is to provide an in-depth and practical analysis of the Law, as to the possible implications these changes might have on investors that want to invest into Russia using Cyprus companies.