- Sputnik International
World
Get the latest news from around the world, live coverage, off-beat stories, features and analysis.

Court cuts back tax claims to oil firm Russneft to $296 million

Subscribe
MOSCOW, October 28 (RIA Novosti) - The presidium of Russia's Supreme Arbitration Court on Tuesday reduced back tax claims to oil company RussNeft by 11.7 billion rubles ($427 million) to 8.1 billion rubles ($296 million).

In its ruling, the court partially met an appeal by RussNeft, which is among Russia's top ten oil producers.

The back tax claims relate to the period of 2003-2005.

In December 2006, Russia's Federal Tax Service claimed that RussNeft owed 3.77 billion rubles ($139 million) for 2003 and the first half of 2004. A month later, the service's interregional inspectorate for major taxpayers ruled a further 17.11 billion rubles ($634 million) was owed by the oil producer for the second half of 2004 and for 2005.

In both cases, RussNeft was accused of making unfounded VAT deductions for oil purchases from its subsidiaries using a network of traders. The tax authorities maintained that the company employed the practice of buying oil from traders at higher prices than it could have bought from its subsidiaries directly.

RussNeft includes 30 oil producing companies, three refineries, two transport companies and also a network of filling stations. RussNeft's net profit under Russian Accounting Standards grew 440%, year-on-year, in January-June 2008 to 12.22 billion rubles ($452 million) and its revenues climbed 63% to 79.16 billion rubles ($2.9 billion).

Newsfeed
0
To participate in the discussion
log in or register
loader
Chats
Заголовок открываемого материала