Who are Related Parties?
Generally, Related Parties of a natural person refer to the natural person’s relatives as well as companies in which the natural person, alone or together with their Related Parties, has a controlling ownership interest (typically 50% or more of shares of the company).
Similarly, Related Parties of a company refers to any other companies in which the company, alone or together with their Related Parties, has a controlling ownership interest (typically 50% or more of shares of the company), or that are have greater than 50% common ownership.
Further detail on the definition of Related Parties can be found in Article 35 of the Corporate Tax Law.
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