Sara-Jane Donovan and Jennifer Pearce examine the latest update from the government on the new controlled foreign companies regime. Is the gate now open for multinationals?
The key change in the latest update is the introduction of a new Gateway test that now lives up to its name; a more straightforward assessment that should allow a majority of overseas subsidiaries to fall outside the CFC regime altogether. The new gateway includes a purpose based approach – a change that will be very well received.
This is not the end of the story. Some of the new rules are...
