A Russian proposal to tax controlled foreign corporations (CFCs) was passed by the Council of the Federation on November 19 and by the State Duma the day before, Russian news agency TASS and the Russian Legal Information Agency have reported. Known as the “deoffshorization” proposal, the bill would require Russian companies and individuals to pay tax on undistributed CFC profits, with credits for tax paid in the foreign country. For details, see, TASS, RAPSI.
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