Foreign company reporting

Participation in a foreign company or non-incorporated structure may impact the individuals’ reporting obligations in the state of their tax residence. Depending on the legislation one-off and/or annual returns might be required to be submitted to the relevant authorities.  Legislation may also establish various deadlines and thresholds that need to be followed.  

If a foreign company owned or co-owned by a taxpayer falls into the definition of the Controlled Foreign Companies (CFC) such controlled foreign company will trigger additional attention. On top of the individual reporting, the company’s financial and tax statements will have to be adjusted to the standards, timelines and possible other requirements to satisfy the controlling persons’ compliance obligations. 

MP Part can support you in assessing the impact of your foreign companies and structures on the individual reporting obligations and the range of actions and documentation needed to meet the statutory compliance requirements.  We will also assist with administration of the process to ensure that these obligations are duly met and timely discharged. We offer a number of services in relation to foreign company reporting to choose from:

  • compilation of forms, declarations, notifications and returns related to foreign company disclosure in the required standard;
  • controlled foreign companies (CFC) reporting in the required standard;
  • evaluation of the CFC income for the purpose of the controlling person’s individual taxation;
  • preparation of the required supporting documents;
  • coordination of receipt of the necessary information;
  • assistance and coordination of compiling of the financial statements of the company under the required standard;
  • assistance and coordination of the audit of the financial accounts of the foreign company under the required standard.