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Foreign companies are to report on their participants and beneficiaries

25.05.2021
Ms. Olga Grigorieva
General Director

We inform you that the Federation Council approved a law that obliges foreign companies operating in Russia and registered with the Federal Tax Service, as well as foreign structures without the formation of a legal entity, to annually report on their participants: founders, beneficiaries and managers (Federal Law of 20 April 2021 No. 100).

It is also necessary to disclose information about the indirect participation (if any) of an individual or a public company if the share of their direct or indirect participation exceeds 5%.

This information must be generated as of December 31 of the year preceding the reporting year and submitted to the tax authority no later than March 28.

We remind you that currently only foreign companies that own property taxed on property should transfer information about the beneficiaries to the tax authorities. Failure to comply with this requirement is subject to a fine of 100% of the amount of corporate property tax calculated in relation to the immovable property belonging to this foreign organization. After taking effect of the new law, another sanction will be applied – a fine of 50,000 rubles.

The law takes effect on January 1, 2022, but not earlier than one month after the date of its official publication.